Rally Software announced that they have filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed US$70 million public offering of shares for its common stock. The offering will primarily consist of shares from existing stockholders. Rally Software will offer an additional 250,000 worth of shares in the public offering. Rally Software announced that they will not receive any proceeds from the sale of the shares offered by the stockholders.
The purpose for the offering is to increase Rally Software's public float and to increase the company's financial flexibility, as well as facilitate an orderly distribution of shares by the selling stockholders.
The Piper Jaffray & Co. and the Deutsche Bank Securities Inc. were hired by Rally Software to act as joint book-running managers, with JMP Securities LLC, Needham & Co., LLC and William Blair & Company, L.L.C. acting as co-managers for the public offering.
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