Synchronoss Technologies, Inc. Announces Proposed $100 Million Public Offering of Common Stock

BRIDGEWATER, N.J., June 24, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), a global leader and innovator in cloud, messaging and digital products and platforms, today announced that the Company intends to offer and sell, subject to market and other conditions, $100 million of shares of its common stock in an underwritten public offering. Synchronoss also expects to grant the underwriters a 30-day option to purchase up to an additional $10 million of shares of common stock sold in the offering, at the public offering price, less the underwriting discounts and commissions. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

All of the shares in the offering are to be sold by Synchronoss, with net proceeds of the offering, and from the offering of Senior Notes and sale of Series B Preferred Stock (each as described below), expected to be used to fully redeem all outstanding shares of Synchronoss’ Series A Convertible Participating Perpetual Preferred Stock and repay amounts outstanding under Synchronoss’ revolving credit facility.

B. Riley Securities, Inc. (“BRS”) is acting as the lead underwriter and sole book-running manager for the offering. Northland Capital Markets is acting as co-manager for the offering.

Concurrently with the offering, the Company is offering, by means of a separate prospectus supplement, $120 million aggregate principal amount of senior notes due 2026 (the “Senior Notes”). In addition, B. Riley Principal Investments, LLC (“BRPI”), an affiliate of BRS, has entered into an agreement pursuant to which BRPI has agreed to purchase $75.0 million of the Company’s Series B Preferred Stock in a private transaction to be completed concurrently with the closing of the offering.

The shares of common stock described above are being offered by Synchronoss pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on August 28, 2020. A preliminary prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s web site at www.sec.gov. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the preliminary prospectus supplement relating to these securities may also be obtained by sending a request to: B. Riley Securities, Inc., at 1300 North 17th Street, Suite 1300, Arlington, VA 22209 or by calling (703) 312‐9580 or by emailing prospectuses@brileyfin.com.

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

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 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 proposed 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.

Media

Diane Rose
CCgroup
diane@ccgrouppr.com

Investors

Todd Kehrli/Joo-Hun Kim
MKR Investor Relations, Inc.
investor@synchronoss.com

1800 Half Street Project Receives I-924 Exemplar Approval

WASHINGTON, June 24, 2021 (GLOBE NEWSWIRE) — Today EB5 Capital announced its receipt of an I-924 exemplar approval for its 1800 Half Street project, located in the Southwest waterfront area of Washington, DC. The United States Citizenship and Immigration Services (USCIS) approved the project in approximately eight months. At a recent Senate Judiciary Committee nomination hearing, the USCIS Director Ur Mendoza Jaddou declared that improving long processing times at the USCIS is a top priority in her new role.

“Raising capital overseas during the COVID-19 outbreak last year was challenging,” said Natalia Pronina, EB5 Capital’s Vice President of Investor Relations. “This swift project approval is encouraging to our investors who put their capital at risk during such an uncertain period for the global economy.”

EB5 Capital contributed $9 million from 10 foreign investors for an equity investment in MRP Realty’s development of an 11-story, 300,000 square foot multifamily development with 344 apartment units. The construction for 1800 Half Street began in Q3 2020 and the property is scheduled to open in late 2022.

“We are pleased to share this positive news about 1800 Half Street,” said Mariana Gomez, EB5 Capital’s Senior Vice President of Corporate Communications and Operations. “We closely monitor the status of our investors’ immigration petitions, and we expect to see individual I-526 approvals in the near future, given that the project documents have already been reviewed and approved by the USCIS.”

About EB5 Capital

EB5 Capital provides qualified investors from around the world with opportunities to invest in job-creating commercial real estate projects to obtain U.S. permanent residency, as well as private equity investments and secondary passports. For more information, visit http://www.eb5capital.com.

Contact:
Juline Kaleyias
(202) 652-2437
media@eb5capital.com

COVID-19 Devastates Children in Sub-Saharan Africa

GENEVA – The U.N. children’s fund (UNICEF) says COVID-19 is having devastating consequences on millions of children in sub-Saharan Africa, as many become orphaned, making them vulnerable to many social ills.

The region is in the throes of a full-blown third wave of COVID-19. Children are often not directly affected by the deadly disease, but they are losing their parents to the pandemic.

Traditionally, when children become orphaned, the burden of looking after them falls on the grandparents. However, UNICEF spokesman James Elder, said older people are among the main victims of COVID-19. As a result, children are often shoveled off to another relative, who likely is living in dire, impoverished circumstances. The added strain and stress puts children at risk of abuse and child labor.

“We have seen the reporting of children reporting on help lines violence against them and the need for support,” said Elder. “Those things come again when children have lost the support mechanism that they previously had, which often comes from being orphaned or an economic situation where a parent simply had to leave to go elsewhere because economic opportunities have dried up due to the pandemic.”

Children who do not go to school are unprotected and open to exploitation, and Elder said COVID-19 has dealt a devastating blow to education. For example, he noted an estimated 9 million children in eastern and southern Africa haven’t returned to schools since they started re-opening

He also said many children are not getting enough to eat because of growing poverty due to pandemic-related lockdowns, and poor nutrition leads to worsening health.

“We know that routine immunization rates and things like malaria access have been slashed, as I say some by 20 percent,” Elder said. “We know that pregnant women have a great deal more difficulty getting to antenatal services. We know pregnant women have died because of that, because of things like lockdown and because health care systems are absolutely stretched…Yes, there have been unnecessary deaths of children.”

UNICEF says governments must prioritize keeping schools open and safe and is urging them to keep children in school while supplying water and sanitation to schools across the continent.

The U.N. children’s agency says it is increasing cash transfers to the most vulnerable and providing psychological support for children and their families. It says it also is working to prevent family separation and to strengthen family and community-based care during this challenging time.

Source: Voice of America

Vaccine Rollout?in Ivory Coast?Picks?Up?Steam After?Rough Start

The first doses of the AstraZeneca vaccine arrived in Ivory Coast in late February.  By March 1, the country started vaccinating people, making it the first in the world to do so through the COVAX initiative, a program co-led by the World Health Organization; Gavi, the Vaccine Alliance; the Coalition for Epidemic Preparedness Innovations; and UNICEF.

“The program plays a crucial role,” said Kouacou Epa, an immunization specialist with UNICEF in Ivory Coast. “We know that the vaccines are being used more in the developed countries, but we know the coronavirus is also here in Ivory Coast and the other developing nations.”

Epa continued, “What COVAX is doing is to make sure the vaccines are available in quantity and quality to help countries attain herd immunity, stop the disease and, if possible, go back to the normal lives we knew before.”

So far, Epa told VOA, the country has used the more than 500,000 doses delivered through COVAX. Additionally, it was able to secure more vaccines from other nations, including India and France, bringing the total doses to nearly 730,000.

Slow rollout

The vaccination rollout has not gone without challenges, however. The country’s head of public hygiene, Bi Vroh Joseph Benie, says the average Ivorian went through three stages in their thinking about the vaccine.

“In the beginning, most people didn’t want to take the vaccine because there was some fake news in social media that the vaccine was going to go through an experimental phase on Africans first. For those reasons, people were very reluctant,” Benie told VOA.

“After that, we went through a second phase, where people were a bit hesitant … and the third phase, where people were engaged and want to take the shot when they saw that people who got vaccinated were not showing any major side effects,” he added.

Another hurdle came when many countries suspended use of the AstraZeneca vaccine over concerns about possible blood clots.

Both Benie and Epa said that to ensure people would step out of their comfort zone, the country modified its communication strategy to tackle vaccine hesitancy. Campaigners concentrated not only on the urban center of Abidjan but also developed what has been called the “politics of proximity” — meaning they got closer to communities across the West African nation to spread the word.

As of June 9, the Ivory Coast reported over 47,500 COVID-19 cases, with more than 600 deaths, and has vaccinated nearly 607,000 people, according to the country’s Ministry of Health and Public Hygiene. 

“We went from one vaccination center at the Palais des Sports arena in the beginning to now more than over 400 centers across the country,” Benie said. “Additionally, we have a dozen mobile units to get closer to the population.”

Mobile vaccination units

At the city hall of Abobo, a northern suburb of Abidjan and one of its 10 communes, people wait in line to get vaccinated. Yao Serge Djezou, the deputy director of communication at the health ministry, is on hand at the ministry-organized event.

“In areas where there aren’t many hospitals, these mobile vaccination units are there to fill the void. It also helps to get closer to the communities,” Djezou said.

While many Ivorians still said they would not get the shot, some, like Abidjan resident Elhaj Gbane Mour, said they would. “I will get vaccinated 100% because it’s a disease that could kill you,” he said. “We saw it on TV, and we saw that it killed a lot people, so everyone should get the shot.”

That’s not the case for Sephora Beugré, a student in Abidjan. “No, no, I will not take the vaccine, because I am afraid that it might be dangerous for (my) health. So I will not do it,” she said. 

Kouadio Jonas N’guessan, also of Abidjan, said, “I don’t know anyone close to me who died from the virus. So I don’t think the coronavirus exists in Cote D’Ivoire.” 

Incentives to get vaccinated

Meanwhile, like many countries, Ivory Coast is offering incentives for people to get the shot — such as free tickets to the recent soccer match between the Ivorian National team and Burkina Faso. 

“We just asked all the fans to get vaccinated. And with their vaccination card, they get to see the match for free. It’s a concept we just started, and people have been responsive,” Djezou told VOA.

Ivorian health officials say that in addition to providing vaccines, they’ll keep testing for the virus, a task that is also key to controlling the pandemic.

They are also ready to receive more shots, including ones that require colder storage temperatures, because they have a cold-chain system ready to handle whatever vaccines come their way.

Source: Voice of America