NEW YORK, Sept. 16, 2013 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial digital imagery, today announced that it has commenced a follow-on offering of 3 million shares of its common stock, of which 2 million shares will be sold by certain existing stockholders and 1 million shares will be sold by Shutterstock. In addition, both Shutterstock and the existing stockholders have granted to the underwriters an option to purchase up to 450,000 additional shares of common stock. Shutterstock will not receive any of the proceeds from the sale of the shares sold by the selling stockholders.
The principal purposes of this offering are to increase Shutterstock's public float, to increase Shutterstock's capitalization and financial flexibility and to facilitate an orderly distribution of shares for the selling stockholders. Shutterstock intends to use the proceeds that it receives from the offering primarily for general corporate purposes, including working capital and capital expenditures.
Morgan Stanley, Deutsche Bank and Jefferies will act as bookrunning managers for this offering. Allen & Company LLC, RBC Capital Markets, Stifel and William Blair will be acting as co-managers. When available, a copy of the prospectus may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2 nd Floor, New York, New York 10014, or by email at firstname.lastname@example.org, or by phone at (866) 718-1649; the offices of Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, or by email at email@example.com, or by phone at (800) 503-4611; and the offices of Jefferies & Company, Inc. Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, or by email at Prospectus_Department@Jefferies.com, or by phone at (877) 547-6340.A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.