BOSTON, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Rapid7, Inc. (“Rapid7”) (Nasdaq: RPD), a leading provider of security analytics and automation, today announced that it issued a notice of redemption for all $45,352,000 aggregate principal amount outstanding of its 1.25% convertible senior notes due 2023 (the “notes”). The redemption date shall be November 30, 2021. The redemption price with respect to any redeemed note shall equal 100% of the principal amount thereof, plus accrued and unpaid interest, if any, from August 15, 2021, to, but not including, the redemption date. On the redemption date, the redemption price will become due and payable upon each note to be redeemed, and interest thereon, if any, shall cease to accrue on and after the redemption date.
The notes may be converted by holders at any time before 5:00 p.m. (New York City time) on November 29, 2021 (the “conversion deadline date”). The conversion rate is equal to 24.0460 shares of common stock of Rapid7 per $1,000 principal amount of the notes. Pursuant to the indenture governing the notes, the conversion rate will be increased by 0.0022 additional shares per $1,000 principal amount of the notes for conversions prior to 5:00 p.m. (New York City time) on the conversion deadline date. Rapid7 has elected to settle any conversions of the notes during the redemption period by a combination of cash and shares of Common Stock, with a specified dollar amount per $1,000 principal amount of notes equal to $1,000.
Rapid7 (Nasdaq: RPD) is advancing security with visibility, analytics, and automation delivered through our Insight Platform. Our solutions simplify the complex, allowing security teams to work more effectively with IT and development to reduce vulnerabilities, monitor for malicious behavior, investigate and shut down attacks, and automate routine tasks. Over 9,300 customers rely on Rapid7 technology, services, and research to improve security outcomes and securely advance their organizations. For more information, visit our website, check out our blog, or follow us on Twitter.
Forward Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to the planned redemption of the notes. These forward-looking statements are based on Rapid7’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with executing the redemption of the notes and events that could impact the terms of the redemption, as well as those described in Rapid7’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in those filings. Forward-looking statements speak only as of the date of this press release and Rapid7 does not undertake any obligation to update or revise these statements, except as may be required by law.
Rapid7 Media Relations
Senior Public Relations Manager
Rapid7 Investor Relations
Vice President, Investor Relations