Smith Micro Software (SMSI) Prices 9.52M Share Follow-On Offering at $6.85/Sh

Smith Micro Software, Inc. (NASDAQ: SMSI), a software development company that sells proven solutions to wireless carriers and cable MSOs, today announced the pricing of its follow-on underwritten public offering of 9,520,787 shares of its common stock at a price to the public of $6.85 per share. All shares are being sold in the offering by the Company. Smith Micro has granted the underwriter of the offering a 30-day option to purchase up to an additional 1,428,118 shares of its common stock to cover over-allotments at the public offering price less the underwriting discounts and commissions. The offering, excluding the option, will result in gross proceeds to the Company of approximately $65.2 million prior to underwriting discounts, commissions and other offering expenses. The offering is expected close on March 15, 2021, subject to customary closing conditions.

Smith Micro intends to use the net proceeds from this offering to fund all or a portion of the purchase price payable to Avast plc (“Avast”) pursuant to the Company’s planned acquisition of Avast’s Family Safety Mobile Software Business and for general corporate purposes.

B. Riley Securities and Roth Capital Partners are acting as joint book-running managers for the offering, with Lakestreet Capital Markets and The Benchmark Company acting as Co-Managers. SEG Group, a division of Bradley Woods & Company, is acting as a Financial Advisor.

A shelf registration statement on Form S-3, File No. 333-238053, relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (“SEC”) and declared effective on May 13, 2020.

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