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 prospectuses@brileyfin.com.

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)
synchronoss@ccgrouppr.com

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

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Inspirata Extends Multi-Year Partnership with the Victorian Cancer Registry

Tampa, Florida, June 30, 2021 (GLOBE NEWSWIRE) — Cancer informatics and digital pathology provider Inspirata announced today a multi-year extension of its close partnership with one of the world’s leading cancer registries, the Victorian Cancer Registry (VCR) in Australia. The multi-year, multi-million-dollar contract extension will bring Inspirata’s E-Path Plus to Cancer Council Victoria’s network of 265 health services and 26 laboratories to support VCR’s ground-breaking accomplishments in shortening the time it takes to turn around cancer data and improving the accuracy of the data abstracted from cancer reports.

An important part of the Cancer Council Victoria, the Victorian Cancer Registry documents all instances of reportable cancer originating within the Australian state of Victoria, using this data to inform cancer policy development and monitor policy impact on cancer incidence, survival and mortality, and to release data for research purposes. Inspirata’s E-Path suite, already deployed in over 400 cancer centers and laboratories globally, draws on proprietary Natural Language Processing (NLP) and other clinically optimized AI to instantly interpret the text of diagnostic reports, identify reportable cases, and route them directly to the relevant cancer registry.

“Over the past five years, the engagement between Inspirata and the Victorian Cancer Registry has evolved from a good relationship based on initial success with the E-Path pilot to a true partnership with a clearly defined set of mutual goals and deliverables,” said Satish Sanan, CEO of Inspirata.

Inspirata previously ran a pilot for its cancer reporting automation solution, E-Path, in two Victorian laboratories with the intention of improving the cancer reporting process. This pilot demonstrated considerable improvements in accuracy and completeness and a substantial reduction in the burden of cancer reporting for pathology laboratories using E-Path.

“With approximately 94% of all pathology notifications in Victoria currently being captured by E-Path, and plans to increase this even further over the next few years, we’re thrilled to bring the overarching benefits of E-Path Plus to our network,” said Professor Sue Evans, Director of the Victorian Cancer Registry. “The partnership between Inspirata and VCR signifies a joint commitment to continue to improve the efficiency and effectiveness of cancer reporting in Victoria.”

About the Victorian Cancer Registry

The Victorian Cancer Registry, funded by the Victorian Department of Health keeps a record of people with cancer in Victoria. We analyse data, conduct and support research, and provide a service to Victoria’s Family Cancer Centres. Under the legislation Improving Cancer Outcomes Act 2014, it is mandatory for health services and pathology laboratories in Victoria to report to us all cancer diagnoses. On receiving the cancer information, we collate the data by person and tumour streams ensuring information is up-to-date and complete. This information is used to understand how cancer is distributed and has changed over time in Victoria.

Currently, in addition to receiving notifications from health services and pathology providers, we also receive cancer notifications from cancer screening registers and other jurisdictional population-based registries. The VCR routinely links with several other databases and registries such as the Victorian Registry of Births, Deaths and Marriages, the National Death Index and government databases to ensure the data is best used to assist researchers and policy developers.

About Inspirata

Inspirata, Inc. helps patients fighting cancer—and the clinicians they trust—to make every moment matter. Our comprehensive cancer informatics solutions bring disparate data together throughout the entire cancer care journey to drive informed decisions that improve survivorship.

Inspirata has assembled the most advanced and proven technologies to address the complex challenges of delivering cancer care and conducting ground-breaking research. We combine leading digital pathology solutions with automated cancer registry solutions, comprehensive cancer informatics and advanced patient engagement tools to bring users the broadest oncology informatics platform available globally. To learn more, visit www.inspirata.com.

Victorian Cancer Registry Contact:

Fiona Kennett
Manager, Cancer Information
fiona.kennett@cancervic.org.au

Inspirata Contact:

Emil Mladenov
Vice President of Corporate and Digital Marketing
emladenov@inspirata.com
+1-813-467-7616

Emil Mladenov
Inspirata, Inc.
+1-813-467-7616
emladenov@inspirata.com
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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: iacenter@iacenter.org
Tel: +1 212-633-6646

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Open Society Foundations Commit $100 Million to Support Feminist Political Mobilization and Leadership

New York, June 30, 2021 (GLOBE NEWSWIRE) — The Open Society Foundations will invest more than $100 million over the next five years in strengthening a range of feminist-led movements and increasing their leadership across a broad range of sectors, from politics and the private sector to civil society and government.

The majority of the funding will help strengthen feminist organizations and funds around the world. Open Society is focused on growing transformative feminist political leadership through explicit investments in initiatives that support more women, transgender, and gender non-conforming people in positions of leadership in politics and governance. This includes support for expanding progressive multilateralism and feminist leadership in peace and security.

The investments will also boost efforts to ensure that women, girls, transgender, and gender non-conforming communities can make their own decisions about issues affecting their bodies and reproductive health care.

“Increased feminist leadership in all areas of public life is needed to ensure we build inclusive, peaceful, and open societies. That is why we are proud to announce a $100 million commitment to help expand such opportunities,” said Mark Malloch-Brown, president of the Open Society Foundations. “Philanthropy sits in a unique position to create a basis for women and girls to take on leadership responsibilities and mobilize their communities for progressive political change.”

Open Society will invest across several gender justice initiatives, including:

  • Developing and sustaining transformative feminist leaders in politics and governance, with a focus on leaders of minority identities
  • Strengthening feminist movements globally, particularly to combat rising authoritarianism
  • Strengthening feminist leadership in peace and security, with a priority on women under threat of political conflict, such as in Afghanistan
  • Improving access, rights, resources, and agency to make decisions about bodies and reproductive health care
  • Advancing economic justice and rights for women across the board by supporting their rights as workers and providers of care
  • Reshaping digital platforms to stop the targeted harassment of feminist activism online

Open Society announced the funding at the Generation Equality Forum in Paris. The forum is a global gathering for gender equality convened by U.N. Women and co-hosted by the governments of Mexico and France, in partnership with youth and civil society. Open Society serves as the lead philanthropic actor of the Action Coalition on Feminist Movements and Leadership, which aims to strengthen women’s rights, voices, and agency across the globe.

“From the challenges brought by COVID-19 to women and girls in the United States, to the changing peace and security circumstances in several countries, to the new opportunities in Chile and Argentina, and the new generation of emerging leaders in the African continent—we are experiencing unprecedented developments around the world,” said Kavita N. Ramdas, director of the Open Society Women’s Rights Program. “Open Society’s groundbreaking $100 million investment in feminist organizing and leadership will help ensure that more women, girls, transgender, and gender non-conforming people are able to fully engage and participate in the decision-making that affects their lives—from their homes and schools, to their workplaces and communities, to shaping constitutions and governments.”

Office of Communications
Open Society Foundations 
(212)-548-0668
media@opensocietyfoundations.org
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Villagers Evicted From Vietnamese Development Site Despite Ongoing Compensation Talks

Authorities in northern Vietnam’s Ha Nam province have blocked off irrigation canals and access points to a rice field at the center of a land dispute between villagers and a company with plans to turn the site into an industrial park, according to residents.

On the morning of June 25, more than 100 riot police and other officers led a convoy of excavators, bulldozers, and trucks to requisition a field in Ly Nhan district’s Chuong village, despite ongoing compensation negotiations between residents and the Thai Ha Urban And Industrial Park Investment Joint Stock Company.

Video of the eviction, which occurred shortly after the sowing of seeds for a new crop of rice, shows villagers engaging in a scuffle with authorities that resulted in at least one 70-year-old woman being hospitalized for injuries.

The rice field is part of an area of 100 hectares (250 acres) of land that was approved for development of the first phase of the Thai Ha Industrial Park by Deputy Prime Minister Trinh Dinh Dung in November 2019. The area includes parts of land farmed by some 500 households in Ly Nhan’s communes of Bac Ly, Chan Ly, and Tran Hung Dao.

Chuong villagers claim that the dispute began when Thai Ha sought 15 hectares (37 acres) of land in addition to the 100 hectares approved by Trinh. Residents, suspecting the land would be repurposed for housing, demanded an increase in compensation.

“In some nearby communes, after receiving land, investors did not build industrial parks. Instead they divided the land into plots to sell for housing,” a Chuong villager who gave his name as Mr. T told RFA.

“Because the information for this project is so vague, we became suspicious.”

The total area of the Thai Ha Industrial Park project is currently listed as 100 hectares on the website of the Ha Nam Industrial Park Management Board.

Multiple attempts by RFA to contact the investor went unanswered and Tran Xuan Duong, Vice Chairman of the Ha Nam People’s Committee, declined an interview request.

Low compensation offer

Residents of Chuong village told RFA they were offered compensation of 73 million Vietnamese dong (U.S. $3,175) for each “sao” (360 square-meters) of land. Among the 500 households whose land is subject to requisition, more than 300 households accepted the offer and received compensation, while the remainder held out for more money, citing market prices.

In Vietnam, a sao can fetch anywhere from 250 to 300 million dong (U.S. $10,830 to $15,165), or three to four times higher than the rate offered by the investor.

A villager, who spoke to RFA on condition of anonymity, said farming is the only means by which to earn a living for many of the families whose land is subject to the requisition.

“It’s OK to build industrial parks here ‘for the sake of the country’s development,’ but affected households should be given the opportunity to negotiate compensation prices,” the villager said.

“What will live on if 100 percent of our farmland is repurposed?”

Reported by RFA’s Vietnamese Service. Translated by Anna Vu. Written in English by Joshua Lipes.