RICHARDSON, Texas--(BUSINESS WIRE)--INTRUSION Inc. (OTCQB:INTZ), a leading provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection services, today announced the launch of the Company’s proposed public offering of 3.1 million shares of common stock, including 2 million shares of common stock to be issued and sold by INTRUSION, and 1.1 million shares of common stock to be offered by a group of selling shareholders. In addition, INTRUSION intends to grant the underwriters a 30-day option to purchase up to 465,000 shares of common stock in connection with the offering to cover over-allotments, if any. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Net proceeds from the proposed offering are intended to fund several growth initiatives, including the commercialization of its new INTRUSION Shield plug and play, AI-enabled threat detection and neutralization solution designed for the worldwide enterprise market.
In connection with this offering, the Company has applied to list its common stock on the Nasdaq Capital Market (“Nasdaq”) under the symbol “INTZ.” The uplisting of INTRUSION’s common stock remains subject to approval by Nasdaq. Until the uplisting is effective, the Company will continue to trade on the OTCQB under the current symbol “INTZ.” The Company cannot guarantee that it will be successful in listing its common stock on Nasdaq.
B. Riley Securities is acting as the sole book-running manager for the proposed offering.
A registration statement on Form S-1 (File No. 333-248398) relating to these securities was filed with the Securities and Exchange Commission on August 25, 2020 but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About INTRUSION Inc.
INTRUSION Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. INTRUSION’s product families include TraceCop™ for identity discovery and disclosure, and Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s products help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com.
