Deutsche Bank helps fund general corporate purposes and acquisitions
By Devika Patel
Knoxville, Tenn., April 7 - Marchex Inc. said the underwriters for its public and secondary offering of stock opted to exercise the deal's $9 million greenshoe in full, lifting total proceeds to $69 million on April 1. The deal was announced March 19 and priced for $60 million plus the greenshoe on March 27.
The company and the selling stockholders sold 6,571,100 class B common shares at $10.50 per share. The price per share is a 5.75% discount to the March 26 closing share price of $11.14. Of the shares, 514,100 were part of the company's fully exercised greenshoe and 343,000 shares were part of the secondary greenshoe.
Deutsche Bank Securities was the lead bookrunning manager, and RBC Capital Markets and Piper Jaffray were joint bookrunning managers.
Proceeds will be used for general corporate purposes, which may include acquisitions.
Based in Seattle, Marchex is focused on search marketing, local search and direct navigation for online consumer activity.
| Issuer: | Marchex Inc.
|
| Issue: | Class B common stock
|
| Amount: | $69 million, including $9 million greenshoe
|
| Shares: | 6,571,100
|
| Price: | $10.50
|
| Warrants: | No
|
| Bookrunners: | Deutsche Bank Securities (lead), RBC Capital Markets and Piper Jaffray
|
| Co-managers: | BMO Capital Markets and Stephens Inc.
|
| Announcement date: | March 19
|
| Pricing date: | March 27
|
| Settlement date: | April 1
|
| Stock symbol: | Nasdaq: MCHX
|
| Stock price: | $11.14 at close March 26
|
| Market capitalization: | $378.27 million
|
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