Roth Capital, Craig-Hallum partially exercise over-allotment option
By Toni Weeks
San Luis Obispo, Calif., April 1 - Coastal Contacts Inc. said it settled its public sale of stock, raising $20.68 million.
The company sold 3,447,100 common shares at $6.00 per share. Of the shares, 447,100 were part of the partially exercised greenshoe. 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 were the joint bookrunning managers.
Proceeds will be used to accelerate the company's customer acquisition strategy, make 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: | $20,682,600 (including $2,682,600 from greenshoe)
|
| Shares: | 3,447,100
|
| 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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