Sangoma Announces Initial Public Offering in the United States

MARKHAM, Ontario, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Sangoma Technologies Corporation ("Sangoma" or the "Company") (TSX: STC), a trusted leader in delivering cloud-based Communications-as-a-Service solutions, today announced the launch of a marketed public offering of Sangoma's Common Shares ("Common Shares") in the United States and Canada, representing Sangoma's initial public offering in the United States.

In connection with the initial public offering of the Common Shares in the United States, Sangoma has filed an application to list the Common Shares on Nasdaq Global Select Market ("Nasdaq") under the symbol "SANG". Trading of the Common Shares is expected to commence on Nasdaq following pricing of the offering. The Common Shares will continue to trade on the Toronto Stock Exchange (the "TSX") under the symbol "STC".

A total of 5,500,000 Common Shares will be offered for sale by the Company in the offering, which will be conducted through a syndicate of underwriters led by Morgan Stanley, BMO Capital Markets, William Blair & Company, and Canaccord Genuity, as joint book-running managers, with Needham & Company as Lead Manager, and Cormark Securities and Northland Capital Markets as co-managers. The offering will be priced in the context of the market with terms, including price per share, to be determined at the time of entering into an underwriting agreement with the underwriters.

The Company will grant the underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to an additional 825,000 Common Shares.

The Company currently expects that the net proceeds of the offering will be used for future acquisitions, working capital and other general corporate purposes.

The offering is subject to entering into a satisfactory underwriting agreement with the underwriters, which will include customary closing conditions, including with respect to the listing of the Common Shares on Nasdaq and the TSX.

In connection with the offering, Sangoma filed a preliminary prospectus supplement to its base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada, other than Québec. The preliminary prospectus supplement and a base shelf prospectus have also been filed with the U.S. Securities and Exchange Commission as part of a registration statement on Form F-10. The public offering will be made in Canada only by means of the base shelf prospectus and preliminary prospectus supplement and in the United States only by means of the registration statement, including the base shelf prospectus and preliminary prospectus supplement. Such documents contain important information about the offering. Copies of the base shelf prospectus and the preliminary prospectus supplement can be found on SEDAR at www.sedar.com and a copy of the registration statement, base shelf prospectus and the preliminary prospectus supplement can be found on EDGAR at www.sec.gov. Copies of such documents may also be obtained from any of the following sources: Morgan Stanley, Attn: Prospectus Department - 180 Varick Street, 2nd Floor - New York, NY 10014; BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at [email protected]; William Blair & Company, L.L.C., Attn: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, or by telephone at (800) 621-0687 or by email at [email protected]; and Canaccord Genuity, Attn: Syndicate Department ? 99 High Street, 12th Floor ? Boston, MA 02110, or by email at [email protected].

Prospective investors should read the base shelf prospectus and the preliminary prospectus supplement as well as the registration statement before making an investment decision.

A registration statement relating to the Common Shares has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The Common Shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Sangoma Technologies Corporation

Sangoma Technologies Corporation is a trusted leader in delivering value-based Communications as a Service (CaaS) solutions for businesses of all sizes. Sangoma's cloud-based services include Unified Communication (UCaaS) business communications, Meetings as a Service (MaaS), Communications Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service (ACaaS). In addition, Sangoma offers a full line of communications products, including premise-based UC systems, a full line of desk phones and headsets, and a complete connectivity suite (gateways/SBCs/telephony cards). Sangoma's products and services are used in leading UC, PBX, IVR, contact center, carrier networks, office productivity, and data communication applications worldwide. Sangoma is also the primary developer and sponsor of Asterisk and FreePBX, the world's two most widely used open-source communication software projects. Sangoma Technologies Corporation is publicly traded on the Toronto Stock Exchange (TSX: STC).

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, intentions, events or expectations are forward-looking statements. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions and other similar statements which are not historical facts contained in this release indicate forward-looking statements.

Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in forward-looking statements. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, events or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in the prospectus supplement dated November 15, 2021, its management's discussion and analysis and annual information form (each available on www.sedar.com and www.sec.gov) include, but are not limited to, the proposed U.S. initial public offering of the Common Shares and the listing of the Common Shares on Nasdaq, risks and uncertainties associated with the COVID-19 pandemic, changes in the exchange rate between the Canadian Dollar and other currencies, changes in technology, changes in the business climate, changes in the regulatory environment, the decline in the importance of the PSTN and new competitive pressures. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contacts

Sangoma Technologies Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 4107
[email protected]
www.sangoma.com