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Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers a broad range of information technology services, including IT consulting, technology implementation, and application outsourcing services, today announced that it has filed a shelf registration statement for shares of its common stock on Form S-3 with the Securities and Exchange Commission (SEC).
Under the shelf registration statement, upon being declared effective by the SEC, the Company may offer and sell, from time to time, up to $100 million of shares of common stock in one or more future public offerings. In addition, selling stockholders to be named in a prospectus supplement may, from time to time in one or more offerings, offer and sell up to 500,000 shares of Virtusa common stock. The Company will not receive any proceeds from the sale of common stock by selling stockholders.
The shelf registration statement is intended to give Virtusa additional flexibility to access the capital markets in the future to take advantage of growth opportunities and continue to invest in support of its business, and to provide the selling stockholders additional financial liquidity. The terms of any future offering under the registration statement, and the intended use of the net proceeds resulting therefrom, will be established at the time of any such offering and will be described in a prospectus supplement filed with the SEC in connection with the offering.
The shelf registration statement has been filed with the SEC but has not yet become effective. The shares of common stock which may be offered by Virtusa under the shelf registration statement may not be sold, nor may offers to buy be accepted, before the time the shelf registration statement becomes effective.
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 securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to any registration or qualification under the securities laws of such jurisdiction. Any offer of securities covered by the registration statement may be made solely by means of the prospectus included in the registration statement and a related prospectus supplement containing specific information about the terms of any such offering.