Ellie Mae registered a $60 million primary offering and a secondary offering of 1 million shares of common stock, a move that precedes potential equity or debt sale by the Pleasanton, Calif.-based mortgage technology vendor.
The Form S-3 filed with the Securities and Exchange Commission after market close Thursday said the $60 million offering could be in the form of common or preferred stock, debt securities, warrants or a combination of multiple debt forms.
The secondary offering is for up to 1 million shares of outstanding common stock currently held by Ellie Mae shareholders.
The so-called shelf offering essentially allows Ellie Mae to register the types of debt or equity it may sell up to three years in the future so when it decides to make an offering, it can execute a deal faster. While not definitive, the move is a signal that the company is likely going to raise funds on the market in the near future.
Ellie Mae, which recently
Under its current corporate structure, Ellie Mae can issue up to 140 million shares of its common stock and currently has 21.6 million shares outstanding. The company does not currently have any outstanding shares of preferred stock, but its board of directors is authorized to issue up to 10 million preferred shares. Ellie Mae would not receive any proceeds from the secondary offering.
Ellie Mae’s stock closed at $17.08 per share on Thursday, before the SEC filing.
