IMAX expects gross proceeds of $50M from stock offering, to use funds to repay debt
By APWednesday, August 12, 2009
IMAX expects $50 million from stock offering
NEW YORK — IMAX Corp., maker of large-screen movie-theater technology, said Tuesday it expects gross proceeds of about $50 million from its public offering of just under 5.9 million common shares.
The company offered the shares at $8.50 apiece. It said it will use proceeds to repay and refinance debt. The transaction is expected to close around Monday.
Roth Capital Partners LLC, the sole underwriter, received a 30-day option to buy an additional 882,353 common shares to cover any overallotments.
IMAX has about 43.7 million shares of stock outstanding. Its shares closed at $9.05 on Monday, the day before it announced pricing for the offer.
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