Shareholders are selling 3.5 million of shares Rosetta Stone in a secondary public offering, the company announced Thursday.
The issue's price tag is $16 per share. The sellers are ABS Capital Partners, and Norwest Equity Partners, in addition to the firm itself, which is contributing 10,000 shares to the sale. The flotation's underwriters have been granted a 30-day purchase option for up to an additional 525,000 shares. Rosetta Stone had 22,134,033 shares of common stock outstanding on March 31. Shares closed yesterday at $15.03.
Rosetta Stone said it plans to use the proceeds from its relatively small contribution to the issue to pay the expenses and fees incurred by the flotation. It will receive no monies from the stock being sold by its fellow shareholders.
Robert W. Baird and William Blair & Company are the joint book-running managers of the offering, which is expected to close on June 11.
The article 3.5 Million Rosetta Stone Shares to Be Sold originally appeared on Fool.com.
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