Qumu (QUMU) Prices 3.18M Offering of Common Stock at $2.50/Share

Qumu Corporation (NASDAQ: QUMU), a leading provider of best-in-class video technology for the enterprise, announced today the pricing of its previously announced underwritten registered public offering of 3,175,652 shares of its common stock at a price to the public of $2.50 per share, for gross proceeds of approximately $7.9 million. In addition, Qumu granted the underwriter a 30-day option to purchase up to 476,348 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about November 12, 2019, subject to the satisfaction of customary closing conditions.

After deducting the underwriting discounts and commissions and other estimated offering expenses payable by Qumu in connection with the offering, the net proceeds are expected to be approximately $7.1 million. These amounts assume no exercise of the underwriter’s over-allotment option. Qumu intends to use approximately $4.5 million of the net proceeds from the offering to repay the outstanding principal and accrued interest under its term loan credit agreement with ESW Holdings, Inc., and the remaining net proceeds from the offering for working capital and general corporate purposes.

Craig-Hallum Capital Group is acting as the sole managing underwriter for the proposed offering.

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