That puts gross proceeds in the range of $296.1 million to $338.4 million. The underwriters have a 30-day option to purchase another 2,630,165 shares of Class A from the company and 542,335 shares from selling shareholders. The company’s amended Form S-1 also said preliminary estimates for the quarter ended June 30 are revenue of between $88 million and $91 million, compared to $78.4 million in the same period of 2019. Annual recurring revenue was between $292.0 million and $295.0 million for the most recently ended period. Vertex expects to report an operating loss of $28 million to $32 million, compared to operating income in last year’s corresponding period. The operating loss stemmed primarily from higher stock-based compensation expense associated with the offering. It estimated the net loss at $28 million to $32 million, compared to net income of $7.1 million a year ago. Vertex estimates net proceeds of $290.3 million at $15-per share and $327.2 million if the underwriters exercise their option. It expects to use proceeds to repay debt under its $61.7 million credit agreement. The balance is being used to “fund a portion” of a $123.0 million dividend to our stockholders on May 29 while $122.8 million of that was paid to our directors Amanda Westphal Radcliffe, Stefanie Westphal Thompson and Jeffrey Westphal, their trusts or family.Last modified on Tuesday, 21 July 2020
VERTEX IPO TO BE $296M TO $338M Featured
Vertex, which had previously filed forms for an initial public offering, is selling 21,150,000 shares of its Class A common stock. The company expect an offering price from $14 to $16 per share.