Funds used to repay $1.75 million of debt incurred through acquisition
By Devika Patel
Knoxville, Tenn., May 7 – ARI Network Services, Inc. priced a $4.59 million public sale of stock with a $688,695 greenshoe, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The company will sell 1,530,435 common shares at $3.00 apiece. The price per share is a 5.96% discount to the May 6 closing share price of $3.19.
Craig-Hallum Capital Group is the bookrunning manager.
Proceeds will be used to repay the company’s $1.75 million line of credit balance, which was incurred in connection with its acquisition of Tasco Corp. and for general corporate purposes, which may include working capital, capital expenditures, acquisitions or investments.
The Milwaukee company provides technology-enabled services.
| Issuer: | ARI Network Services, Inc.
|
| Issue: | Common shares
|
| Amount: | $4,591,305
|
| Greenshoe: | $688,695, 229,565 shares
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| Shares: | 1,530,435
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| Price: | $3.00
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group
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| Pricing date: | May 7
|
| Stock symbol: | Nasdaq: ARIS
|
| Stock price: | $3.19 at close May 6
|
| Market capitalization: | $45.9 million
|
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