FIVERR LAUNCHES $100 MILLION SECONDARY OFFERING

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Fiverr International Ltd. (NYSE: FVRR) announced a public offering of $100 million in ordinary shares. The human cloud platform is based in Tel Aviv, Israel and began trading on the New York Stock Exchange last June. It plans to use the proceeds for working capital and funding growth.

The offering is pursuant to a registration statement on a Form F-1 filed Tuesday with the US Securities and Exchange Commission.

Fiverr also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the ordinary shares sold in the offering at the public offering price, less underwriting commissions.

Fiverr this month reported first-quarter revenue rose 43.7%, with accelerated growth in April. The company also revised second-quarter guidance upward and is expecting growth of between 37% and 41%. 

The global Covid-19 crisis has not had a material negative impact on its business so far, the company stated in its filing yesterday. It will continue to assess the situation, including abiding by any government-imposed restrictions, market by market.

“Our business experienced increased volatility in March as the impact of Covid-19 intensified globally, but we were able to quickly rebound and resume growth within a few weeks,” the filing said. “Since then, our business has continued to gain momentum across all cohorts, all verticals and in the United States and other countries. We believe the global shelter-in-place restrictions have triggered businesses to invest more into their online presence and individuals to spend more time online, both of which provided tailwinds for us.”

Fiverr shares were down 10.18% to $56.01 at 1:14 p.m. Eastern time; the company had a market cap of $1.99 billion, according to FT.com.

Source staffingindustry

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