INTRUSION Announces Completion of Follow-on Public Offering
RICHARDSON, Texas–(BUSINESS WIRE)–INTRUSION Inc. (NASDAQ: INTZ), a leading provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection services, announced the completion of its follow-on public offering of 3,565,000 shares of its common stock at a price to the public of $8.00 per share, including the full exercise of the underwriter’s option to purchase an additional 465,000 shares from INTRUSION. INTRUSION issued and sold 2,465,000 shares in the offering, and a group of selling shareholders sold 1,100,000 shares of INTRUSION common stock. Net proceeds to INTRUSION, after deducting underwriting discounts, commissions and estimated offering expenses, were approximately $18,339,600. INTRUSION intends to use the proceeds to fund several growth initiatives, including the commercialization of its new Shield™ plug-n-play, real-time artificial intelligence (AI), threat detection and neutralization solution designed for the enterprise market.
B. Riley Securities was the sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-248398) relating to these securities was filed with the Securities and Exchange Commission on August 25, 2020 and was declared effective on October 8, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering was made only by means of a prospectus. A copy of the final prospectus may be obtained by contacting B. Riley Securities, Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209, or by telephone at (703) 312-9580 or by email at firstname.lastname@example.org.
About INTRUSION Inc.
INTRUSION Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection solutions. INTRUSION’s solution families include TraceCop™ for identity discovery and disclosure, and Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s solutions help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com.
Cautionary Statement Regarding Forward Looking Information
This release may contain certain forward-looking statements, which reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward looking statements involve a number of risks and uncertainties. Such statements include, without limitations, statements regarding the results of the proposed public offering of shares of the Company’s common stock, the expected use of the proceeds from that offering, the potential uplisting to The Nasdaq Stock Market and the anticipated benefits of such listing for the Company and its shareholders, statements around our planned growth initiatives, the introduction of the new INTRUSION Shield™ solution, as well as other statements. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward looking statements. These factors include, without limitation, uncertainties related to the success of the proposed offering, the potential that the Company may not be able to list its common stock on The Nasdaq Stock Market and achieve the resulting benefits expected from such uplisting, or that the Company’s planned growth strategies, including its new INTRUSION Shield solution, may not achieve the marketplace acceptance expected and result in increased revenue for the Company, and other facts and circumstances that might cause actual results to differ materially from current expectations, some of which are detailed in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”
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