Sonic Foundry Raises $3.4 Million from Common Stock Offering
MADISON, Wis., July 29, 2021 (GLOBE NEWSWIRE) — MADISON, Wis., July 29, 2021 – Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation, management solutions as well as virtual and hybrid events, announced today that it has sold 945,946 shares of common stock at market pricing (net proceeds of $3,425,000 after expenses). Several investors participated in the sale including Sonic Foundry’s chairman and largest shareholder, Mark Burish, who purchased $1.25 million worth of shares, as well as new investor Roumell Opportunistic Value Fund, run by James Roumell, a highly acclaimed Chevy Chase, MD money manager. The Roumell Opportunistic Value Fund is ranked in the 1st percentile by Thompson Reuters Lipper.
“The proceeds from this sale allow us to continue to execute the strategy I outlined in our most recent shareholder meeting with an emphasis on driving greater awareness of the momentum we are creating,” said Joe Mozden, Jr., CEO, Sonic Foundry. “I greatly appreciate the continued support and confidence from our existing investors and I’m excited to welcome new investor partners who have aligned with us to help us achieve our video content-first growth objectives going forward.”
A portion of the proceeds will allow Sonic Foundry to meet the listing requirements of the NASDAQ capital markets, reversing a decision made earlier by the company to voluntarily delist from NASDAQ.
About Sonic Foundry®, Inc.
Sonic Foundry (OTC Pink Sheets: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, its Mediasite Video Platform quickly and cost-effectively automates the capture, management, delivery and search of live and on-demand streaming videos. Learn more at www.sonicfoundry.com.
© 2021 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Forward Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
CONTACT: Jaimee Pitt Sonic Foundry 6082167592 jaimee.pitt@sonicfoundry.com