Synchronoss Announces Closing of $235 Million of Common Stock and Senior Notes Offerings

In addition, Synchronoss raised $75 million through a
private placement of preferred stock

Net proceeds used to refinance the company's capital structure

BRIDGEWATER, N.J. , June 30, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging and digital solutions, today announced that on June 29, 2021 it closed an underwritten public offering of 42,307,692 shares of common stock, which included 3,846,154 shares issued in connection with the underwriters' option to purchase additional shares, at a price to the public of $2.60 per share, for gross proceeds of approximately $110 million. The Company also announced that on June 30, 2021 it closed an underwritten public offering of $125 million aggregate principal amount of 8.375% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters' option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.

Synchronoss and the senior notes both received a rating of BB– from Egan–Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on the Nasdaq Global Select Market under the symbol "SNCRL" as early as July 1, 2021.

In addition to the public offerings, on June 30, 2021 the Company closed a private placement of 75,000 shares of its Series B Perpetual Non–Convertible Preferred Stock to B. Riley Principal Investments, LLC for an aggregate purchase price of $75 million.

The two public offerings and the private placement resulted in net proceeds of approximately $300 million after deducting underwriting discounts and commissions, but before expenses. On June 30, 2021, the Company used the net proceeds in part to fully redeem all outstanding shares of its Series A Convertible Participating Perpetual Preferred Stock owned by an affiliate of Siris Capital Group and to repay amounts outstanding under the Company's revolving credit facility.

"Synchronoss has emerged from this comprehensive refinancing process with a solid financial foundation that will support our mission to empower our customers to connect with their subscribers in trusted and meaningful ways," said Jeff Miller, President and CEO of Synchronoss. "Today we have a sustainable financial environment that gives us the operating flexibility required to invest in delivering and enhancing great cloud, messaging and digital experiences for our customers; to enable long–term growth; and to deliver higher stockholder value to those who invest in the company."

The refinancing has also led to the departure of Synchronoss Board of Directors members Frank Baker, Peter Berger and Robert Aquilina, each of whom is associated with Siris Capital Group. "On behalf of the entire Board and management, I would like to thank Frank, Peter and Bob for their contributions to Synchronoss over the last three years and for their generosity as advisors to me personally," said Miller.

In conjunction with this new capitalization, B. Riley Financial, Inc., including certain of its affiliates, serve as Synchronoss' anchor investor. Synchronoss has granted B. Riley representation on its Board.

Bryant Riley, Chairman and Co–CEO of B. Riley Financial, Inc., commented: "We are pleased to serve as a strategic partner and financial sponsor to Synchronoss on this capitalization and are committed to leveraging the full operational and financial capabilities of our platform to support Synchronoss in its strategy to deliver value. We look forward to continuing to work closely with Jeff and the entire management team as Synchronoss enters this exciting new phase for its business."

B. Riley Securities, Inc., acted as the lead underwriter and sole book–running manager for the common stock offering. Northland Capital Markets acted as co–manager for the common stock offering.

B. Riley Securities, Inc. acted as the sole book–running manager for the senior notes offering. Northland Capital Markets, Aegis Capital Corp. and EF Hutton, a division of Benchmark Investments, LLC acted as lead managers for the senior notes offering.

The common stock and senior notes were offered under the Company's shelf registration statement on Form S–3, which was declared effective by the Securities and Exchange Commission ("SEC") on August 28, 2020. The offerings were made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312–9580, or by email at prospectuses@brileyfin.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Synchronoss

Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company's collection of products helps streamline networks, simplify onboarding and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services and content they love. That's why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com

Safe Harbor Statement

This release contains forward–looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements regarding the closing of the public offering and the anticipated use of the proceeds thereof. These forward–looking statements are subject to a number of risks, including the satisfaction of customary closing conditions related to the public offering and the risk factors set forth from time to time in Synchronoss' SEC filings, including but not limited to the risks that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections (as applicable) of Synchronoss' Annual Report on Form 10–K for the year ended December 31, 2020 and Quarterly Report on Form 10–Q for the period ended March 31, 2021, which are on file with the SEC and available on the SEC's website at www.sec.gov. In addition to the risks described above and in Synchronoss' other filings with the SEC, other unknown or unpredictable factors also could affect Synchronoss' results. No forward–looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Synchronoss undertakes no obligation to update any forward–looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contacts

Media
Anais Merlin, CCgroup (International)
Diane Rose, CCgroup (North America)
synchronoss@ccgrouppr.com

Investors
Todd Kehrli/Joo–Hun Kim, MKR Investor Relations, Inc.
investor@synchronoss.com


GLOBENEWSWIRE (Distribution ID 8273461)

The International Action Centre issues the following statement on: CAPE VERDE TAKES ON THE UNITED NATIONS

PRAIA, Cape Verde, June 30, 2021 (GLOBE NEWSWIRE) — In a decision on interim measures dated June 8, the United Nations Human Rights Committee called on Cape Verde to "refrain from extraditing Mr. Alex Saab to the United States of America" and to "take all necessary measures to ensure access to appropriate health care ["] by independent and specialized physicians of his choice". This decision ordering interim measures is the first urgent step resulting from the registration of a complaint filed by Alex Saab before United Nations Human Rights Committee.

In an interview on June 29, 2021, the Cape Verdean Prosecutor General, Mr Jose Luis Landim, makes a frontal attack on the United Nations, claiming that the UN Human Rights Committee does not have the competence to impose the suspension of the extradition of Alex Saab from Cape Verde to the United States of America.

Such a position is alarming and is a legal, strategic and ethical mistake.

First, this position is completely wrong in law. We would like to remind Mr Landim that Cape Verde has chosen to ratify the International Covenant on Civil and Political Rights since August 6, 1993 and the Optional Protocol to the International Covenant on Civil and Political Rights since May 19, 2000. It must therefore comply with its international obligations in good faith and fully respect the decisions of the expert body responsible for interpreting the International Covenant on Civil and Political Rights, the Human Rights Committee. Saying that the Committee does not have the power to request the suspension of an extradition that may expose someone to risks of irreparable harms and of violations of the right to life and right of physical integrity, is an unforgivable legal error totally incompatible with the rule of law.

Second, such a position is a frontal attack on the United Nations and the human rights that are at the heart of the values that the Organization defends. It sends a clear message to the world that Cape Verde can exercise its sovereignty to violate human rights while ignoring the norms of international human rights law to which it has subscribed and ignoring international decisions. In doing so, Cape Verde, after defying the ECOWAS Court of Justice which ordered it to release the arbitrarily detained Alex Saab, after violating Alex Saab's diplomatic immunity as a Special Envoy and an Ambassador to the African Union, is taking a hostile stance towards the United Nations and placing itself on the outside of the international community.

Third, such a position is a mistake in terms of fundamental ethical values. By requesting the suspension of Alex Saab's extradition pending the examination of the merits of the case, the Human Rights Committee was inviting Cape Verde to show humanity and common sense by considering that the extradition would be detrimental to the physical integrity and life of Alex Saab. The Committee did not take a political position, but a purely humanitarian one.

MEDIA Contact:
Sara Flounders
International Action Center
Https://www.iacenter.org
E–mail: iacenter@iacenter.org
Tel: +1 212–633–6646


GLOBENEWSWIRE (Distribution ID 8273384)

Survey Projects Demand for Business School Graduates to Rebound in Post-Pandemic Era

RESTON, Va., June 30, 2021 (GLOBE NEWSWIRE) — The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, today released its annual 2021 Corporate Recruiters Survey. The report found that corporate recruiters project a robust demand for business school graduates, with nine in ten of them expecting it to increase or remain stable in the next five years. In addition, a higher proportion of recruiters in 2021 (37%) expect the demand to increase than that in the previous year (30%), with more than half of the European recruiters (54%) sharing such a view compared to their Asian (32%) and American (34%) counterparts.

"In a little more than a decade, the proportion of surveyed recruiters planning to hire MBA graduates has grown significantly, a trend especially notable in Europe, where the percentage jumped from 44 percent in 2010 to nearly twice as much (86%) in 2021, and in the United States, where it grew from 56 percent to 94 percent, a 68 percent increase," said Sangeet Chowfla, president and CEO of GMAC. "As corporations recover from the pandemic and rebuild their workforces, it is no surprise that business school graduates " with their leadership and managerial skills in high demand " are specially strengthened in their value proposition as an employee and uniquely positioned to meet today's economic challenges."

Key Findings

MBA salary and hiring are expected to return to pre–pandemic levels

In 2020, the projected MBA median salary reached an all–time high of $115,000 before COVID–19 severely disrupted the global economy and caused it to drop down to $105,000 three months into the pandemic. However, the median MBA salary for 2021 is projected to recover to its pre–pandemic 2020 level of $115,000. At this rate, the median salary of MBA graduates is 77 percent more than those with a bachelor's degree ($65,000) and 53 percent higher as compared to those hired directly from industry ($75,000). This salary premium shows that investing in an MBA credential continues to pay off over the time, helping an MBA graduate earn $3 million more in his or her lifetime than someone holding only a bachelor's degree. GMAC's own mba.com offers a helpful tool to calculate the return of investment (ROI) for business school graduates.

Before the pandemic, 92 percent of recruiters indicated they were planning to hire MBA graduates in 2020. However, the disruptions caused by COVID–19 adversely affected those plans, and hence the actual hiring of MBA graduates (80%) was lower than 2020 projections. Looking ahead, the proportion of recruiters planning to hire MBAs in 2021 (91%) returns to the same level as pre–pandemic 2020 (92%). The MBA hiring projections exhibit strength across key regions and industries. Specifically, 95 percent of the recruiters in the consulting sector, an industry in most demand by MBA graduates, are projecting to hire them""a reversal from the 2020 actual hiring of 76%.

Technology sector embraces MBA graduates for hiring and promotion

According to survey respondents, demand for MBA graduates by the technology industry is anticipated to increase by 10 percentage points in 2021 compared to pre–pandemic 2020. In fact, with 96 percent of tech recruiters projecting to hire MBA graduates in 2021, the demand for MBA talents tops the previous three years. The data also show that two in three (68%) recruiters in the technology sector agree that leaders in their organizations tend to have a graduate business school education""an increase of 11 percentage points from 2020 (57%).

"Technology companies are placing a high value on leaders who are not just technically skilled, but also have strong strategic, interpersonal, communication and decision–making skills, as well as an understanding of the importance of diversity and inclusion and sustainability in their organizations – these will be critical to driving organizational growth and innovation,” said Peter Johnson, Assistant Dean of UC Berkeley's Haas School of Business. “These core skills represent the signature business schools are imbuing in graduates from their MBA and business master's programs."

Perceptions of online programs are mixed depending on region, sector

Online programs have been gaining traction in recent years. According to GMAC data, 50 more online MBA programs accepted GMAT scores in the testing year (TY) 2020 as compared to five years earlier in TY 2016. In addition, 84 percent of online MBA programs reported an increase in applications in GMAC's 2020 Application Trends Survey.

However, when corporate recruiters were asked about their level of agreement with the statement "My organization values graduates of online and in–person programs equally," only one–third (34%) of them agreed. In terms of industries, recruiters from the finance and accounting industry (41%) are more likely to view graduates of online programs as equal to their on–campus peers, compared to their recruiting counterparts in consulting (25%) or technology (28%). As online programs are clearly a fast–growing area of graduate management education, the sustainability of demand will require a higher level of acceptance by employers, particularly when GMAC's latest candidate research suggests a similar disparity in terms of perception of online versus in–person programs.

"As business schools continue to evolve modalities and more candidates are able to access MBA and business master's programs through online delivery, this presents the graduate management education community with an opportunity to align expectations and outcomes for graduates and corporate recruiters," said Chowfla.

About the Survey

GMAC has been conducting the Corporate Recruiter Survey on behalf of the graduate management education community since 2001. This year's survey, administered in partnership with the Association of MBAs (AMBA), the European Foundation for Management Development (EFMD), MBA Career Services & Employer Alliance (MBA CSEA), and career services offices at participating graduate business schools worldwide, received 529 responses between February 25 – March 31, 2021. More details of the full report, and other research series produced by GMAC, are available on gmac.com.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission–driven association of leading graduate business schools worldwide. Founded in 1953, GMAC creates solutions and experiences that enable business schools and candidates to better discover, evaluate, and connect with each other.

GMAC provides world–class research, industry conferences, recruiting tools, and assessments for the graduate management education industry, as well as tools, resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test (GMAT) exam is the most widely used graduate business school assessment.

GMAC also owns and administers the NMAT by GMAC (NMAT) exam and the Executive Assessment (EA). More than 7 million candidates on their business master's or MBA journey visited GMAC's mba.com last year to explore business school options, prepare and register for exams, and get advice on the admissions process. BusinessBecause and The MBA Tour are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
202–390–4180 (mobile)
thsu@gmac.com


GLOBENEWSWIRE (Distribution ID 8272612)

CasperLabs & SJM Group Partner to Promote Web3 Adoption in the United Arab Emirates

DUBAI, United Arab Emirates, June 30, 2021 (GLOBE NEWSWIRE) — Today, CasperLabs, a leading blockchain services company and developer of the Casper Network, announced a partnership with His Highness Sheikh Juma bin Maktoum Al Maktoum's SJM Group of Companies to establish their local presence to facilitate use for the Casper Network in the UAE.

In tandem with Lead Ventures, CasperLabs will work closely with local government agencies and UAE–based enterprises to conceptualize, develop and implement innovative use cases that leverage Casper's unique combination of enterprise–grade security, scalability and decentralization.

The partnership is the latest milestone in CasperLabs' expanding presence in the Middle East and North Africa (MENA), and comes on the heels of Saeed Hareb Al Darmaki's appointment as Managing Director, MENA for CasperLabs. CasperLabs first entered into the region earlier this year through a strategic partnership with Lead Ventures and the endorsement from His Highness will further drive momentum in the market.

Since its mainnet launch this spring, Casper has emerged as the only true enterprise grade blockchain on the market, offering a compelling alternative to networks that have failed to garner adoption for enterprise use cases. A growing number of organizations are building on Casper, citing its more predictable and cost–effective gas pricing, ease of migration for existing apps/dapps, the more environmentally–friendly energy consumption model and CasperLabs' whiteglove support and services as primary factors for choosing to build on the network.

Known globally for its spirit of innovation, the UAE is exploring building on Casper for various use cases such as financial services; proven authenticity and sourcing for the Dubai Gold and Commodities Exchange; creation of a national UAE identity solution; certificate, registry and notary signing using a dapp like CasperSign; and university credential verification, to name a few.

"Our Group's vision is aligned with the initiatives of the UAE Government and the regional companies who have consistently accepted and implemented newer technologies in their daily needs. We are pleased to have CasperLabs partner with us to bring its expertise to develop further growth in these sectors," said HH Sheikh Juma Bin Maktoum Al Maktoum, Chairman SJM Group of Companies.

"CasperLabs is honored to be partnering with His Highness' SJM Group of Companies and the UAE on government initiatives. We have seen a remarkable demand for Web3 solutions in this region and we are excited to finally be able to deliver a network that meets the needs for a robust enterprise network. We are honored to be building out the Casper ecosystem in the region with the support of a visionary leader," said Mrinal Manohar, CEO & CoFounder CasperLabs.

About CasperLabs
CasperLabs provides professional services and support for organizations building on the Casper network. Guided by open source principles, CasperLabs is committed to supporting the next wave of blockchain adoption among businesses and providing developers with a reliable and secure framework to build private, public and hybrid blockchain applications. Its team possesses deep enterprise technology experience, hailing from organizations including Google, Adobe, AWS, Dropbox and Microsoft.

To learn more, visit casperlabs.io.

Media Contact
Kara Miley
kara@serotonin.co


GLOBENEWSWIRE (Distribution ID 8272679)