Day: July 1, 2021

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Synchronoss Announces Closing of $235 Million of Common Stock and Senior Notes Offerings

In addition, Synchronoss raised $75 million through a
private placement of preferred stock

Net proceeds used to refinance the company’s capital structure

BRIDGEWATER, N.J. , June 30, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging and digital solutions, today announced that on June 29, 2021 it closed an underwritten public offering of 42,307,692 shares of common stock, which included 3,846,154 shares issued in connection with the underwriters’ option to purchase additional shares, at a price to the public of $2.60 per share, for gross proceeds of approximately $110 million. The Company also announced that on June 30, 2021 it closed an underwritten public offering of $125 million aggregate principal amount of 8.375% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters’ option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.

Synchronoss and the senior notes both received a rating of BB- from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on the Nasdaq Global Select Market under the symbol “SNCRL” as early as July 1, 2021.

In addition to the public offerings, on June 30, 2021 the Company closed a private placement of 75,000 shares of its Series B Perpetual Non-Convertible Preferred Stock to B. Riley Principal Investments, LLC for an aggregate purchase price of $75 million.

The two public offerings and the private placement resulted in net proceeds of approximately $300 million after deducting underwriting discounts and commissions, but before expenses. On June 30, 2021, the Company used the net proceeds in part to fully redeem all outstanding shares of its Series A Convertible Participating Perpetual Preferred Stock owned by an affiliate of Siris Capital Group and to repay amounts outstanding under the Company’s revolving credit facility.

“Synchronoss has emerged from this comprehensive refinancing process with a solid financial foundation that will support our mission to empower our customers to connect with their subscribers in trusted and meaningful ways,” said Jeff Miller, President and CEO of Synchronoss. “Today we have a sustainable financial environment that gives us the operating flexibility required to invest in delivering and enhancing great cloud, messaging and digital experiences for our customers; to enable long-term growth; and to deliver higher stockholder value to those who invest in the company.”

The refinancing has also led to the departure of Synchronoss Board of Directors members Frank Baker, Peter Berger and Robert Aquilina, each of whom is associated with Siris Capital Group. “On behalf of the entire Board and management, I would like to thank Frank, Peter and Bob for their contributions to Synchronoss over the last three years and for their generosity as advisors to me personally,” said Miller.

In conjunction with this new capitalization, B. Riley Financial, Inc., including certain of its affiliates, serve as Synchronoss’ anchor investor. Synchronoss has granted B. Riley representation on its Board.

Bryant Riley, Chairman and Co-CEO of B. Riley Financial, Inc., commented: “We are pleased to serve as a strategic partner and financial sponsor to Synchronoss on this capitalization and are committed to leveraging the full operational and financial capabilities of our platform to support Synchronoss in its strategy to deliver value. We look forward to continuing to work closely with Jeff and the entire management team as Synchronoss enters this exciting new phase for its business.”

B. Riley Securities, Inc., acted as the lead underwriter and sole book-running manager for the common stock offering. Northland Capital Markets acted as co-manager for the common stock offering.

B. Riley Securities, Inc. acted as the sole book-running manager for the senior notes offering. Northland Capital Markets, Aegis Capital Corp. and EF Hutton, a division of Benchmark Investments, LLC acted as lead managers for the senior notes offering.

The common stock and senior notes were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on August 28, 2020. The offerings were made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Synchronoss

Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services and content they love. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements regarding the closing of the public offering and the anticipated use of the proceeds thereof. These forward-looking statements are subject to a number of risks, including the satisfaction of customary closing conditions related to the public offering and the risk factors set forth from time to time in Synchronoss’ SEC filings, including but not limited to the risks that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections (as applicable) of Synchronoss’ Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the period ended March 31, 2021, which are on file with the SEC and available on the SEC’s website at www.sec.gov. In addition to the risks described above and in Synchronoss’ other filings with the SEC, other unknown or unpredictable factors also could affect Synchronoss’ results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Synchronoss undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contacts

Media
Anais Merlin, CCgroup (International)
Diane Rose, CCgroup (North America)
[email protected]

Investors
Todd Kehrli/Joo-Hun Kim, MKR Investor Relations, Inc.
[email protected]

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The International Action Centre issues the following statement on: CAPE VERDE TAKES ON THE UNITED NATIONS

PRAIA, Cape Verde, June 30, 2021 (GLOBE NEWSWIRE) — In a decision on interim measures dated June 8, the United Nations Human Rights Committee called on Cape Verde to “refrain from extraditing Mr. Alex Saab to the United States of America” and to “take all necessary measures to ensure access to appropriate health care […] by independent and specialized physicians of his choice”. This decision ordering interim measures is the first urgent step resulting from the registration of a complaint filed by Alex Saab before United Nations Human Rights Committee.

In an interview on June 29, 2021, the Cape Verdean Prosecutor General, Mr Jose Luis Landim, makes a frontal attack on the United Nations, claiming that the UN Human Rights Committee does not have the competence to impose the suspension of the extradition of Alex Saab from Cape Verde to the United States of America.

Such a position is alarming and is a legal, strategic and ethical mistake.

First, this position is completely wrong in law. We would like to remind Mr Landim that Cape Verde has chosen to ratify the International Covenant on Civil and Political Rights since August 6, 1993 and the Optional Protocol to the International Covenant on Civil and Political Rights since May 19, 2000. It must therefore comply with its international obligations in good faith and fully respect the decisions of the expert body responsible for interpreting the International Covenant on Civil and Political Rights, the Human Rights Committee. Saying that the Committee does not have the power to request the suspension of an extradition that may expose someone to risks of irreparable harms and of violations of the right to life and right of physical integrity, is an unforgivable legal error totally incompatible with the rule of law.

Second, such a position is a frontal attack on the United Nations and the human rights that are at the heart of the values that the Organization defends. It sends a clear message to the world that Cape Verde can exercise its sovereignty to violate human rights while ignoring the norms of international human rights law to which it has subscribed and ignoring international decisions. In doing so, Cape Verde, after defying the ECOWAS Court of Justice which ordered it to release the arbitrarily detained Alex Saab, after violating Alex Saab’s diplomatic immunity as a Special Envoy and an Ambassador to the African Union, is taking a hostile stance towards the United Nations and placing itself on the outside of the international community.

Third, such a position is a mistake in terms of fundamental ethical values. By requesting the suspension of Alex Saab’s extradition pending the examination of the merits of the case, the Human Rights Committee was inviting Cape Verde to show humanity and common sense by considering that the extradition would be detrimental to the physical integrity and life of Alex Saab. The Committee did not take a political position, but a purely humanitarian one.

MEDIA Contact:
Sara Flounders
International Action Center
Https://www.iacenter.org
E-mail: [email protected]
Tel: +1 212-633-6646

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2021/22 tax revenue collection outlook positive, says SARS Commissioner

Despite the crippling effects the COVID-19 pandemic continues to have on the country’s economy, South African Revenue Services (SARS) Commissioner Edward Kieswetter says the tax revenue outlook was positive.

This was revealed during the launch of the 2021 Tax Season on Thursday.

SARS collection activities, which are integrally linked to the state of the economy, were severely hampered by the weight of the restrictions.

“It will be felt,” he said. “The economy has already begun to show encouraging signs of recovery after the impact of the pandemic, but we have a long way to go before we return to pre-COVID levels.

“The fiscal year 2021/22 began on a very positive footing, showing encouraging signs, albeit from a low base. The positive start to the financial year 2021/22 is reflective of a continued economic performance in the period of January to March 2021.”

“We remain committed to safeguard the public’s confidence in our tax administration system during these unprecedented times. Collectively we will ensure that the tax administration system of our Republic continuously made accessible to allow taxpayers to fulfil the obligations and to ensure that the tax revenues due are collected.

He said the SARS effort on improving the overall ecosystem towards compliance and a tremendous focus on revenue recovery is also starting to yield promising fruit. This was reflect in revenue for quarter one of its financial year to continue on the positive trend which was reported at the end of the last fiscal year.

“We are particularly encouraged by the shift in voluntary compliance from large businesses on the international segment and we will continue to work with and through our various stakeholders and intermediaries that represent those businesses in the SMME segment so that we can also improve voluntary compliance,” he said.

Turning attention to the impact of high employment rates, Kieswetter said the 32.6% rate in this regard was of great concern. This, combined with company closures, was anticipated to have an “immeasurable impact” on the country tax base.

“While the impact of the third wave of COVID-19 on the economy is not yet fully understood and presents a downside risk, we will continue to observe and modify our outlook.

“However, for now the tax revenue outlook for 2021-2022 remains positive.

The revenue collector vowed he would spare no effort to collect the tax and customs revenue that is due to the government and estimates set by Finance Minister Tito Mboweni in February.

Virtually filing returns

South African taxpayers will for the first time year have to virtually file their returns, Kieswetter announced.

“Branches will be closed for at least the next six weeks for in person visits. This is in large part to the fact that we are smack bang in the middle of our third wave and we obviously want to minimize the risk to taxpayers and our own staff.

“We are therefore launching today and historically for the first time a completely virtual tax filing season. Allow me to share with you how this has been made possible as I share with you important details of this coming tax season.”

Last year, SARS paid out R29.4 billion in returns to 2.38 million individual taxpayers.

“This year will be no different.”

Source: South African Government News Agency

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Support people affected by COVID-19 during Mandela Month

In the spirit of Madiba, Cabinet has encouraged South Africans to rise to the challenge and support those in their communities shattered by the effects of the COVID-19 pandemic.

“We can embrace Madiba’s values and honour his legacy through humanitarian acts and initiatives supporting those hard-pressed by the impact of the virus,” Cabinet said in a statement.

Every year on 18 July, South Africans, together with the global community, honour the former President and international icon, Dr Nelson Rolihlahla Mandela, through the celebration of Nelson Mandela International Day.

“In these trying times, we depend on our spirit of national solidarity and selflessness as epitomised by Madiba to see one another through,” Cabinet said.

During Mandela Month, South Africans embrace the chance to celebrate Nelson Mandela’s life for the whole of July.

This gives everyone the opportunity to heed the call to action for people to recognise their individual power to make an imprint and change the world around them.

A global movement for positive change begins with small actions. As each person acts, they fuel momentum toward positive change, raising awareness and expanding the reach of Mandela’s values of fighting injustice, helping people in need and practicing reconciliation.

Source: South African Government News Agency

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If you’re in your 50s, register for your COVID-19 jab

Cabinet has encouraged those in their 50s to register for the COVID-19 vaccination on the Electronic Vaccination Data System (EVDS) from today, to receive their shot from 15 July.

People in this age group are urged to register using the https://vaccine.enroll.health.gov.za or WhatsApp 0600 123456.

Meanwhile, Cabinet has confirmed that police officers will be vaccinated from Monday, 5 July.

According to a Cabinet statement released on Thursday, the inoculation of the police officers will be followed by members of the South African National Defence Force (SANDF) who are due to receive their jab from Thursday, 8 July.

This comes as government intensifies the country’s COVID-19 vaccination rollout plan to protect citizens from the devastating effects of the virus, Cabinet said.

As of 30 June, Cabinet said over three million people have been vaccinated. This includes healthcare workers, senior citizens, and teachers.

“The dates for vaccination of employees in the frontline of productive economic sectors such as mines, retail workers, and others will be announced by the Inter-Ministerial Committee on Vaccines that is chaired by the Deputy President,” the Executive added.

Meanwhile, Cabinet said the tightening of the State of National Disaster restrictions to Adjusted Alert Level 4, would strengthen government’s ability to limit the surge in infections by limiting the burden on the healthcare system that is already overwhelmed.

“The additional restrictions will be reviewed after 14 days and took care to minimise the impact on economic activity as part of the continued balancing of the need to save both lives and livelihoods.”

Cabinet has once again emphasised that the Delta variant was more transmissible than previous variants.

“Therefore, this requires vigilance in our day-to-day interactions because many people who are infected with COVID-19 do not show any symptoms.”

During this “dangerous” period, Cabinet is advising people to avoid public places and adhere to non-pharmaceutical health protocols by wearing masks when in public, washing hands frequently with soap and water or using a 70% alcohol-based hand sanitiser and maintaining a social distance of at least 1.5 metres.

Source: South African Government News Agency

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Missing Valentine Shabani (15) sought by police

Athlone police are kindly requesting the assistance of the public to trace 15-year- old Valentine Shabani who was reported missing in Athlone last night. Valentine was last seen leaving her Athlone residence at around 07:30 wearing a grey pants, white shirt and a blue jersey. She is about 1.6 meters tall and her weight is approximately 60kg. If you can shed light on her disappearance or know her whereabouts, you are kindly requested to contact Sergeant Yandie Jack-Mkile of the Nyanga FCS on 062 342 0799 or Crime Stop on 08600 10111.

Source: South African Police Service