Security software co Allot drops after stock offering launch

U.S.-listed shares of Allot Ltd ALLT.O down 9.1% after hours to $8.74 on planned equity raise

Israeli network intelligence and security solutions providerlaunches stock offering

Co expects to use net offering proceeds to repay $31.41 mln of outstanding convertible note with face value of $40 mln issued to its largest shareholder, Lynrock Lake Master Fund

Balance of proceeds for general purposes, co says

TD Cowen and William Blair jt bookrunners for offering

Allot has ~39.7 mln shares outstanding for roughly $380 mln market cap, and Lynrock owns about 9 mln shares for 22% stake, per LSEG data

ALLT shares on Tues closed up 2.7% at $9.61

Stock has risen 68% this qtr. A year ago, it closed at $2.22