NAPCO sets price for 2 million share secondary offering
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AMITYVILLE, N.Y. – NAPCO Security Technologies, Inc. (NASDAQ: NSSC), a company specialized in electronic security devices and school safety solutions, announced the pricing of its secondary public offering of 2 million shares at $40.75 each.
The shares are being offered by Richard L. Soloway, the company’s Chairman and CEO. The transaction also includes an option for underwriters to buy up to an additional 300,000 shares within 30 days.
The offering, which is not adding new shares by the company but rather involves the selling of existing shares by Soloway, is expected to close on March 8, 2024, subject to standard closing conditions. NAPCO will not receive any proceeds from this offering.
Needham & Company and TD Cowen are serving as joint book-running managers, while D.A. Davidson & Co. is the lead manager for the offering. The shares are being offered under an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC), which became effective on the date of the announcement.
This offering comes as NAPCO continues to be recognized for its innovative and reliable security products used in a variety of settings, from residential to government applications. The company has established a solid reputation in the security market, which is expected to grow significantly.
The announcement specifies that this press release is not an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction where such an offer or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
