RALEIGH — Bandwidth, a Raleigh-based a software communications company, plans to raise $135 million by selling 2.5 million shares of its common stock in a secondary offering, according to a filing with the Securities and Exchange Commission.
Bandwidth
[The news came as shares in Bandwidth (Nasdaq: BAND) surged more than 10 percent on Thursday to a new high of $61.20. Bandwidth went public in December 2017.]
The Triangle tech company, which announced an initial offering of 2.25 million shares on March 5, has since increased the public offering to 2.5 million shares and announced a price of $54.25 per share of common stock.
The company also noted that the underwriters have a 30-day option to purchase an additional 337,500 shares in the offering
It plans to use the funds raised from this secondary offering for “general corporate purposes.”
BandWidth’s application program interface provides voice and messaging services to brands such as Google, Skype, and GroupMe.
BandWidth stock increased over 12 percent to from $56.01 at 9:30 a.m. to $62.82 to as of 1:30 p.m. and kept climbing as the markets closed at 4 p.m.
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In addition, board member Brian Bailey sold 10,000 shares of Bandwidth on March 4 and March 5 between $55.58 and $58.57 per share for an estimated $573,000.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
