Digi International Announces Pricing of Public Offering of Common Stock

Digi International Inc. announced the pricing of an underwritten registered public offering of 3,500,000 shares of its common stock at a price to the public of $19.50 per share.  In addition, Digi granted the underwriters a 30-day option to purchase up to an additional 525,000 shares of its common stock on the same terms and conditions. All shares of common stock sold in the offering are being sold by Digi. Digi expects to close the offering on or about March 8, 2021, subject to the satisfaction of customary closing conditions.

Digi anticipates that the gross proceeds from the offering will be approximately $68.3 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Digi and excluding any exercise of the underwriters’ option to purchase additional shares of common stock.  Digi intends to use the net proceeds from the offering for working capital and general corporate purposes.  Digi may also use the net proceeds to acquire or invest in complementary businesses, products, and technologies, although Digi has no specific agreements, commitments, or understandings to do so at this time.

Piper Sandler is acting as the sole book-running manager for the offering.  Craig-Hallum Capital Group, Stephens Inc., Roth Capital Partners, and Colliers Securities LLC are acting as co-managers for the offering.

The offering is being made under a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission (SEC) that became automatically effective on March 2, 2021.  A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on March 2, 2021.

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