By Sheri Kasprzak
New York, July 10 - The Knot, Inc. secured $50,187,500 from a private placement of stock with a group of institutional investors.
The investors, funds and accounts advised by Ashford Capital Management, Inc.; Capital Research and Management Co.; and T. Rowe Price Associates, Inc., have agreed to purchase 2.75 million shares at $18.25 each. The price per share is a 5.6% discount to the company's $19.34 closing stock price July 7.
Allen & Co., LLC was the placement agent.
The offering was scheduled to close Monday afternoon.
Proceeds will be used for general corporate purposes.
Also, The Knot intends to conduct a public offering of its stock to fund the cash portion of its acquisition of WeddingChannel.com, Inc. WeddingChannel.com, based in Los Angeles, also provides wedding information and planning tools.
New York-based The Knot provides online and print wedding information.
| Issuer: | The Knot, Inc.
|
| Issue: | Stock
|
| Amount: | $50,187,500
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| Shares: | 2.75 million
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| Price: | $18.25
|
| Warrants: | No
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| Investors: | Funds advised by Ashford Capital Management, Inc.; Capital Research and Management Co.; and T. Rowe Price Associates, Inc.
|
| Placement agent: | Allen & Co., LLC
|
| Settlement date: | July 10
|
| Stock symbol: | Nasdaq: KNOT
|
| Stock price: | $19.34 at close July 7
|
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