SNCR NEWS . Why did it jump ? I dont get it

Maybe the price rise has something to do with extra demand because of
https://finance.yahoo.com/news/synchronoss-technologies-stock-jumps-raising-143450204.html
Synchronoss Technologies Stock Jumps On Raising $100M Via Equity Offering At 11% Discount
Anusuya Lahiri
Fri, June 25, 2021, 9:34 AM·1 min read

SNCR
+21.31%

Synchronoss Technologies Inc (NASDAQ: SNCR) priced 38.5 million shares at $2.6 per share to raise $100 million in a secondary share sale.

The offer price signifies a 10.7% discount to Synchronoss’ Thursday closing share price of $2.91.

The underwriters have a 30-day option to purchase additional shares up to 3.8 million.

The share sale, senior notes, and Series B Preferred Stock offering proceeds will help redeem Series A Convertible Participating Perpetual Preferred Stock and repay the outstanding revolving credit facility.

Concurrently, the company is offering 0 million senior notes due 2026.

Additionally, B. Riley Securities, Inc affiliate has agreed to purchase $75 million Series B Preferred Stock in a private transaction.

The company beat Q1 revenue consensus by 3.23% despite posting a decline of 15.1% year-on-year to $65.5 million. It missed the Non-GAAP EPS loss consensus by 135.7% at $(0.33).

The company held $10 million in debt.

It recently announced that CFO David Clark would depart effective August 9 to pursue other personal and career interests. The company has initiated a search for a replacement.

The share prices have lost 38.1% year-to-date.

Price action: SNCR shares traded higher by 15.3% at $3.36 on the last check Friday.
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I've seen it before but it's rather rare. Sometimes the public demand trumps the offering price and the stock immediately shoots up instead.
 
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