ZD - Consensus Cloud Solutions announces stock offering by selling shareholders

Consensus Cloud Solutions (NASDAQ:CCSI) on Tuesday announced an underwritten offering of 2M shares by selling shareholders. All shares in this offering are currently held by Ziff Davis (ZD). In connection with the offering, ZD will exchange up to 2.3M CCSI shares for certain indebtedness held by J.P. Morgan Securities and Citicorp North America in a debt-for-equity exchange. The debt-for-equity exchange parties will then offer those shares in the offering. J.P. Morgan Securities and Citicorp North America, and not ZD or CCSI, will receive the proceeds from the offering. The debt-for-equity exchange will occur on the settlement date of the offering. Underwriters have the option to purchase up to an additional 300K shares from the selling stockholders at the public offering price less the underwriting discount for 30 days after Jun. 7. CCSI stock dipped 3.3% aftermarket following the announcement.

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Consensus Cloud Solutions announces stock offering by selling shareholders