ROCHELLE PARK, N.J.--(BUSINESS WIRE)--Apr. 5, 2018--
ORBCOMM Inc. (Nasdaq:ORBC), a global provider of industrial Internet of
Things (IoT) solutions, announced today that it has commenced an
underwritten public offering (the “Offering”) of 3,000,000 shares of its
common stock. ORBCOMM has granted the underwriters a 30-day option to
purchase up to an additional 450,000 shares.
ORBCOMM intends to use the net proceeds from the Offering for general
corporate purposes, which may include, among other things, future
acquisitions as part of its strategy to pursue growth opportunities,
debt repayment, stock repurchases, working capital and/or capital
expenditures. Net proceeds may be temporarily invested before use.
Raymond James & Associates, Inc. and Canaccord Genuity LLC are acting as
book-running managers for the Offering.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (the “SEC”) and is effective. A
preliminary prospectus supplement relating to the Offering will be filed
with the SEC and will be available on the SEC’s web site at www.sec.gov.
When available, copies of the preliminary prospectus supplement may also
be obtained from Raymond James & Associates, Inc., Attention: Syndicate,
880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at
1-800-248-8863, or by email at prospectus@raymondjames.com;
or Canaccord Genuity LLC, Attention: Equity Syndicate Department, 99
High Street, 12th Floor, Boston, Massachusetts 02110, by telephone at
(617) 371-3900, or by email at prospectus@canaccordgenuity.com.
This press release is not an offer to sell and is not soliciting an
offer to buy any of the securities, nor shall there be any offer or sale
of the securities in any jurisdiction where the offer or sale is not
permitted.
About ORBCOMM Inc.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the
industrial Internet of Things, providing solutions that connect
businesses to their assets to deliver increased visibility and
operational efficiency. The company offers a broad set of asset
monitoring and control solutions, including seamless satellite and
cellular connectivity, unique hardware and powerful applications, all
backed by end-to-end customer support, from installation to deployment
to customer care. ORBCOMM has a diverse customer base including premier
OEMs, solutions customers and channel partners spanning transportation,
supply chain, warehousing and inventory, heavy equipment, maritime,
natural resources, and government. For more information, visit www.orbcomm.com.
Forward-Looking Statements
Certain statements discussed in this press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to ORBCOMM’s plans, estimates, objectives and
expectations for future events and include statements about ORBCOMM’s
expectations, beliefs, plans, estimates, objectives, intentions,
assumptions and other statements that are not historical facts. Such
forward-looking statements, including those concerning ORBCOMM’s
expectations and estimates, are subject to known and unknown risks and
uncertainties, which could cause actual results to differ materially
from the results, projected, expected or implied by the forward-looking
statements, some of which are beyond ORBCOMM’s control, that may cause
ORBCOMM’s actual results, performance or achievements, or industry
results, to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
In addition, specific consideration should be given to various factors
described in Part I, Item 1A. “Risk Factors” and Part II, Item 7.
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” and elsewhere in ORBCOMM’s Annual Report on Form 10-K
for the year ended December 31, 2017, and other documents, on file with
the Securities and Exchange Commission. ORBCOMM undertakes no obligation
to publicly revise any forward-looking statements or cautionary factors,
except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180405006201/en/
Source: ORBCOMM Inc.
Investor Inquiries:
ORBCOMM Inc.
Michelle
Ferris, 703-433-6516
Director of Corporate Communications
ferris.michelle@orbcomm.com
or
Financial
and Trade Media:
The Abernathy MacGregor Group
Blair
Hennessy, 212-371-5999
Vice President
bth@abmac.com