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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Evercel, Inc.    EVRC

EVERCEL, INC.

(EVRC)
Delayed Quote. Delayed OTC Bulletin Board - Other OTC - 02/21 12:01:18 pm
2.37 USD   +3.04%
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Evercel Announces Sale of Investment in SharpSpring

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06/17/2019 | 05:04pm EST

NEW YORK, June 17, 2019 (GLOBE NEWSWIRE) -- Evercel, Inc. (“Evercel”) (OTC: EVRC), today announced the sale of its entire investment in SharpSpring, Inc. (NASDAQ: SHSP).

Entities affiliated with Evercel that held its shares of SHSP stock sold the shares in a secondary offering that closed today. All net proceeds from the offering went to the selling shareholders.  The offering was made pursuant to a registration statement (File No. 333-231758) filed by SharpSpring with the Securities and Exchange Commission and declared effective on June 3, 2019.

Evercel will receive $19.3m pre-tax from the investment, which is after underwriting fees and profit sharing paid to Corona Park Investment Partners.  Evercel, through affiliated entities, invested approximately $2m in SharpSpring public shares in November 2017 and $8m in a SharpSpring convertible note in March 2018 for a combined investment of approximately $10m.

Canaccord Genuity LLC and Roth Capital Partners acted as joint book-running managers of the offering.

About Evercel: New York City-based Evercel is a publicly traded holding company that oversees and manages subsidiary companies. Due to Evercel’s limited number of shareholders and its decision at present not to register with the SEC, Evercel is not obligated to publicly report business or financial information. From time-to-time, Evercel chooses to voluntarily report information. Evercel may change its reporting practices at any time, in its discretion and without notice.

Please Note: Statements in this announcement that are not historical facts are “forward-looking statements,” which may involve material risks and uncertainties.  Evercel cautions readers not to place undue reliance on forward-looking statements. The information in this announcement does not purport to be a complete disclosure of the matters addressed, and you should not rely on it as being complete.

Contact
info@evercel.com 

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© GlobeNewswire 2019
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Daniel C. Allen Chief Executive Officer
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