Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) (the “Company” or “Consensus”) announced today the commencement of an underwritten offering of 2,000,000 shares of its common stock currently owned by Ziff Davis, Inc. (“Ziff Davis”), Consensus’s former parent company. Consensus is not selling any shares and will not receive any proceeds from the sale of the shares in the offering or the debt-for-equity exchange (as described below).
Prior to the closing of the offering, Ziff Davis intends to exchange the shares of Consensus common stock to be sold in the offering for indebtedness of Ziff Davis that will be owned by J.P. Morgan Securities LLC and Citicorp North America, Inc. J.P. Morgan Securities LLC and Citicorp North America, Inc., as the selling stockholders in the offering, then intend to sell these shares of Consensus common stock to the underwriters in connection with the public offering. Ziff Davis will also offer to exchange with J.P. Morgan Securities LLC and Citicorp North America, Inc. up to an additional 300,000 shares of Consensus common stock for indebtedness of Ziff Davis that will be owned by J.P. Morgan Securities LLC and Citicorp North America, Inc., and the selling stockholders will grant the underwriters a 30-day option to purchase up to such additional 300,000 shares of common stock of Consensus.
