Top Image Systems, Ltd. (NASDAQ: TISA) said it has priced an underwritten public offering of 2,750,000 ordinary shares at USD4.75 per share for gross proceeds of USD13.1m.
The company said it has granted the underwriters a 30-day option to purchase up to an additional 412,500 ordinary shares to cover over-allotments, if any. The offering is expected to close on February 5, 2014, subject to satisfaction of customary closing conditions.
Top Image Systems expects to receive net proceeds of approximately USD11.9m from the sale of ordinary shares and to use the net proceeds for general corporate purposes, including potential acquisitions.
Canaccord Genuity Inc. is acting as the sole book-running manager for the offering, and Roth Capital Partners and The Benchmark company, LLC are acting as co-managers.