Red Violet Announces Closing Of $21.0 Million Registered Direct Offering

Red Violet, Inc. a leading analytics and information solutions provider, announced the closing of $21.0 million in growth financing from existing investors through the sale of 552,915 shares of common stock at a price of $38.00 per share in a previously announced registered direct offering. The offering effectively closes out the Company’s “shelf” registration statement on Form S-3  filed with the Securities and Exchange Commission on August 5, 2019 and declared effective by the SEC on August 9, 2019 and the effective Registration statement on Form S-3MEF  filed with the SEC on November 19, 2021, which upsized the amount of securities available to be sold as part of the shelf by the maximum allowable of 20%.

Recommended AI News: Top 5 NFT Collectibles Worth $10.2 Billion in November

The Company intends to use the proceeds in furtherance of its mission to be the leader in Identity intelligence, including, without limitation, the acceleration of its market expansion in key verticals including financial services, real estate and the public sector, as well as for working capital and other general corporate purposes or in connection with potential future transactions.   The net proceeds to the Company from the offering after deducting estimated offering expenses is approximately $20.9 million.

Recommended AI News: powercloud Forms Strategic Alliance With Advizzo

The Company did not use an investment banker in connection with the offering.

“This investment recognizes red violet’s differentiated assets, enormous market opportunity, and path to being the leader in identity resolution,” commented Derek Dubner, red violet’s CEO. “We will increase investment in the data science behind our machine learning powered platform, in our cloud-native architecture to further expand the lead over competitive platforms, and in sales and business development resources in key verticals.”

Recommended AI News:  Valeo Introduces Its Third Generation LiDAR