Telos Corporation Completes Initial Public Offering and Announces Exercise of Over-Allotment

Telos Corporation, a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, announced the closing of its upsized initial public offering of 14,968,859 shares of common stock. The offering was priced at $17.00 per share, resulting in gross proceeds of $254,470,603. Telos’s shares began trading on the Nasdaq Global Market on November 19, 2020 under the Ticker Symbol “TLS.”

B. Riley Securities, BMO Capital Markets, and Needham & Company acted as joint bookrunners for the offering. Colliers Securities LLC, D.A. Davidson & Co., Northland Capital Markets, Wedbush Securities, and MKM Partners served as co-managers for the offering. The underwriters yesterday elected to exercise the 30-day option, granted by Telos, to purchase an additional 2,245,328 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. After giving effect to the full exercise of the option, the total number of shares sold by Telos in the offering increased to 17,214,187 shares and gross proceeds increased to $292,641,179.   The closing of the over-allotment shares is expected to occur on November 25, 2020, subject to customary closing conditions.

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A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 18, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state 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.

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