Limelight Networks Inc. on March 1 commenced an underwritten public offering of 15,272,493 shares of its common stock by certain selling stockholders affiliated with The Goldman Sachs Group Inc.
The company also agreed to repurchase 1 million shares of its common stock directly from the underwriter and may, if the company and underwriter agree, repurchase up to an additional 527,249 common shares directly from the underwriter, concurrently with the closing of the offering.
The underwriter may reduce the number of shares to be repurchased by the company in its discretion. The company expects to use cash on hand to fund the share repurchase. The closing of the share repurchase is contingent on the closing of the offering.
B. Riley FBR Inc. will act as sole book-running manager for the offering.
