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CXDO - Crexendo under pressure on pricing equity offering
Crexendo Inc.
Crexendo (CXDO) has priced 2.8M shares, including 1.05M shares to be sold by certain stockholders, at $5.50/share, for gross proceeds of ~$9.6M (or $11.9M if the underwriters exercise their option).Underwriters' over-allotment is an additional 420K shares.Offering is expected to close on or about September 28. Net proceeds will be used for general corporate purposes.Shares down 15.5% premarket.