Boston, MA 03/06/2014 (wallstreetpr) – B.Riley & Co. LLC announced that it was the sole book running manager in a $12.5 million Underwritten Public Offering for WidePoint Corp (NYSEMKT:WYY).
B.Riley, which is a leading independent investment bank, provides a full range of research, finance, sales and trading services to institutional, corporate and high net worth individual clients. The offering was completed on March 3 and involved as much as 9 million shares of common stock valued at $1.38 per share. It also included an overallotment of around 1.2 million shares which was fully exercised by the underwriter. The banking terms for the deal were led by B.Riley’s Associate Chris Sigala and Chairman Bryant Riley.
Benefits From Bank’s Associations
WidePoint Corp (NYSEMKT:WYY)’s Chief Executive officer, Steve Komar said that the company has been a relationship with B.Riley for a long time for a major reason that the Bank has a good understanding of its industry sector. He further said the bank’s associations with clients of institutional background, who have interest in companies such as WidePoint Corp (NYSEMKT:WYY), have given both the parties a chance to raise a satisfactory capital. He said that the interactions have also brought in more and more institutional investors.
WidePoint Corp (NYSEMKT:WYY)’ Chief Financial Officer, James McCubbin said that B.Riley’s team implementation of the public offering was impeccable and was completed in a very short span of time. This helped WidePoint to benefit from the opportune market timing.
On the other hand, B.Riley’s Chairman Bryant Riley expressed his gladness in having assisted WidePoint Corp (NYSEMKT:WYY) and said that as far as the bank’s clients are concerned, it always seeks to guide them in raising capital as per their investment targets.
About WidePoint
McLean, Virginia based WidePoint Corp (NYSEMKT:WYY) provides safe, cloud delivered, enterprise wide mobile and information technology based solutions which help agencies and enterprises to deploy fully compliant IT services as per government rules and advanced systems needs.
