The e-mail security niche has become an increasingly important part of the cybersecurity industry and one of the companies which specialize in it is Cyren Ltd (NASDAQ: CYRN).
However, the stock has not performed well over the course of the past month and has declined by as deep as 40%. In this regard, it is important for investors to take a look at a major announcement from the company back on February 11 with regards to a registered direct offering.
The company announced at the time that it is going to make a registered direct offering of as many as 12,000,000 shares in Cyren at the price of $1.15 each. The gross proceeds from the offering are going to be $13.8 million. The offering had closed on February 16. In addition to that, Cyren had also announced that it had signed securities purchase agreements with institutional investors with regards to this particular offering.