Roth Capital Partners and Craig-Hallum Capital Group are bookrunners
By Devika Patel
Knoxville, Tenn., March 26 - Coastal Contacts Inc. said it priced an $18 million public sale of stock with a $2.7 million greenshoe. The offering was announced Monday.
The company will sell 3 million common shares at $6.00 per share. The price per share reflects a 6.25% discount to the March 25 closing share price of $6.40.
Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC are the joint bookrunning managers.
Settlement is expected April 1.
Proceeds will be used to accelerate the company's customer acquisition strategy, make certain capital expenditures and improve working capital to fund growth in new and existing distribution channels.
Based in Vancouver, B.C., Coastal Contacts is an online retailer of vision care products.
| Issuer: | Coastal Contacts Inc.
|
| Issue: | Common stock
|
| Amount: | $18 million
|
| Greenshoe: | $2.7 million
|
| Shares: | 3 million
|
| Price: | $6.00
|
| Warrants: | No
|
| Bookrunners: | Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC
|
| Announcement date: | March 25
|
| Pricing date: | March 26
|
| Settlement date: | April 1
|
| Stock symbol: | Nasdaq: COA
|
| Stock price: | $6.40 at close March 25
|
| Market capitalization: | $173.17 million
|
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