Synchronoss Technologies (SNCR) Stock Continues to Move Up: Up 40% Last Week

The Synchronoss Technologies Inc (NASDAQ:SNCR) stock could be in major focus today among investors after the stock made considerable gains last week. The stock soared by as much as 21% on Friday to take its gains for the week to 40%.

The stock came into focus among investors on Friday after the company announced the pricing for its underwritten offering of 38.5 million shares. Synchronoss has set the price at $2.60 a share. More importantly, the proceeds from this particular offering are going to be as much as $100 million.

On the other hand, the company has also awarded the underwriters of the offering with a 30 day option within which they can pick up another 3.8 million shares at the same price. The shares in this particular offering are all being sold by the company.

Synchronoss stated that it is going to deploy the proceeds of this offering for redeeming all the outstanding shares of its series A convertible participating perpetual preferred stock. On the other hand, the company is also looking to pay off some amounts pertaining to its revolving credit facility. The offering is going to be closed tomorrow by Synchronoss and many participants are expected to watch things closely.

Market Reaction:

On Friday, SNCR stock soared 21.31% to $3.53 with more than 30.27 million shares, compared to  its average volume of 1.05 million shares. The stock has moved within a range of $3.0900 – 3.7900 after opening the trade at $3.11. Over the past 52-week, the stock has been trading within a range of $2.3500 – 6.5900.

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