Cornerstone OnDemand Withdraws Registration Statement on Form S-1 Due to Market Conditions
SANTA MONICA, Calif. – August 8, 2011 – Learning and talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) announced today that, due to adverse market conditions, it has asked the Securities and Exchange Commission (SEC) to withdraw the registration statement on Form S-1 it filed with the SEC on July 20, 2011 in connection with a planned follow-on offering of its common stock. The vast majority of the shares to be sold in the offering consisted of shares held by certain of Cornerstone’s existing stockholders, and holders of a majority of the shares to be sold were unwilling to participate in the offering at current market prices. In addition, Cornerstone had anticipated selling a minimal number of shares to offset expected transaction expenses, and Cornerstone has determined that issuing and selling any shares at this time would not be in the best interests of Cornerstone and its stockholders.
Cornerstone is a premier people development company. We believe people can achieve anything when they have the right development and growth opportunities. We offer organizations the technology, content, expertise and specialized focus to help them realize the potential of their people. Featuring comprehensive recruiting, personalized learning, modern training content, development-driven performance management and holistic employee data management and insights, Cornerstone’s people development solutions are used by approximately 6,300 clients of all sizes, spanning more than 75 million users across over 180 countries and nearly 50 languages. Learn more at www.cornerstoneondemand.com.