Synchronoss Announces Closing of Convertible Preferred Stock Investment
Under the terms of the agreement,
“We are excited to close on the investment from Siris and view this as
another positive step forward for Synchronoss,” said
As part of Siris’ investment in
Each share of Series A Convertible Participating Perpetual Preferred
Stock converts into 55.5556 shares of common stock at a conversion price
of approximately
The Company continues to maintain a strong cash balance, and as of
About
Forward-looking Statements
This press release contains certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements contained
in this press release that are not historical facts and statements
identified by words such as “expects,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “outlook” or words of similar
meanings. These statements are based on the Company’s current
expectations and beliefs and various assumptions. There can be no
assurance that the Company will realize these expectations or that these
beliefs will prove correct. Numerous factors, many of which are beyond
the Company’s control, could cause actual results to differ materially
from those expressed as forward-looking statements. These factors
include, but are not limited to, risks associated with the effect of
Siris’s investment on the Company’s business relationships, operating
results, and business generally; risks that Siris’s investment disrupts
current plans and operations of the Company; risks related to diverting
management’s attention from the Company’s ongoing business operations;
risks related to the outcome of any legal proceedings that may be
instituted against the Company, its officers or directors related to the
Siris investment or otherwise; risks associated with the Company’s
ongoing accounting review; fluctuations in the Company’s financial and
operating results; uncertainty regarding increased business and renewals
from existing customers; disruptions to the implementation of the
Company’s strategic priorities and business plan caused by changes in
the Company’s senior management team; customer renewal rates and
attrition; customer concentration; the Company’s ability to maintain the
security and integrity of its systems; foreign currency exchange rates;
the financial and other impact of previous and future acquisitions;
competition in the enterprise and mobile solutions markets; the
Company’s ability to retain and motivate employees; technological
developments; litigation and disputes and the costs related thereto;
unanticipated changes in the Company’s effective tax rate; uncertainties
surrounding domestic and global economic conditions; and other factors
that are described in the “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” sections
of the Company’s Annual Report on Form 10-K for the year ended
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Source:
Synchronoss Technologies, Inc.
Seth Potter, +1 646-277-1230
investor@synchronoss.com