Cyren Ltd. (CYRN) stock prices were up by 4.71% as of the market closing on September 24th, 2021. This brought the price per share up to USD$0.58 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 3.78%, bringing it up to USD$0.61.
CYRN Stock’s Offering
September 20th 2021 saw CYRN stock announce the completion of its previously announce underwritten private offerings. The offering was comprised of the sale of 14,152,779 shares of its common stock, as well as warrants to purchase up to an additional aggregate of the same number of shares of common stock. The pricing of each share and associated warrant had been set at USD$0.72. The warrants will have a term of three and a half years, with the option to be exercisable immediately following the issuance date. The warrants will have an exercisable price of USD$0.60 per share. The gross proceeds from the offering are expected to generate roughly USD$10.2 million.
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Distribution Agreement
CYRN stock announced having entered into a distribution agreement with TD SYNNEX on September 14th 2021. The agreement will facilitate the offering of the company’s anti-phishing solution, Cyren Inbox Security throughout North America. The company is keen to be included in TD SYNNEX’s cutting edge portfolio of technology applications. The partnering company’s extensive reach will significantly contribute to the accelerated growth with large enterprises. The new agreement demonstrates the company’s continued commitment to the channel and supporting TD SYNNEX in the protection of their clients from phishing attacks.
Cyren Inbox Security
Cyren Inbox Security utilizes machine learning and other techniques to continuously detect BEC threats that slip past the email perimeter. Accordingly, CIS will automatically respond to these phishing and business email compromise threats. This approach serves to expand and enhance TD SYNNEX’s current enterprise email and security portfolio. The agreement will allow the partnering company’s resellers to offer CIS as an easy add-on subscription to new and existing Microsoft 365 opportunities. Furthermore, CIS can be sold along with other security solutions such as secure email gateways and Security Awareness Training.
Future Outlook for CYRN Stock
CYRN stock had a promising quarter, consolidated by its partnership with TD SYNNEX. The company is keen to accelerate the commercialization and further proliferation of its Cyren Inbox Security product. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.
