Business
NAPCO Security Technologies Announces Pricing of Secondary Public Offering of Up to 2,300,000 Shares of Common Stock by Selling Stockholder
AMITYVILLE, N.Y., March 5, 2024 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC) (the "Company"), one of the leading manufacturers and
About this update from Napco Security Technologies, Inc.
[{"type":"text","content":"AMITYVILLE, N.Y., March 5, 2024 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC) (the \"Company\"), one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions, announced today the pricing of the previously announced underwritten secondary public offering of 2,000,000 shares of its common stock at an offering price to the public of $40.75 per share (the \"Offering\"). The shares are being sold by the Company's Chairman of the Board and President and Chief Executive Officer, Richard L. Soloway (the \"Selling Stockholder\"). Additionally, the Selling Stockholder has granted the underwriters a 30-day option to purchase from the Selling Stockholder up to an additional 300,000 shares of common stock at the public offering price. The Offering is expected to close on March 8, 2024, subject to customary closing conditions.\n\nThe Company is not issuing or selling any shares of common stock in the Offering and therefore will not receive any of the proceeds from the sale of common stock in the Offering by the Selling Stockholder. \nNeedham & Company and TD Cowen are acting as joint book-runners for the offering, and D.A. Davidson & Co. is acting as the lead manager for the offering. \nThe securities described above are being offered by the Selling Stockholder pursuant to an effective registration statement on Form S-3ASR (File No. 333-277663) previously filed by the Company with the Securities and Exchange Commission (the \"SEC\") and which became automatically effective on March 5, 2024. The securities are being offered only by means of a prospectus. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to and describing the Offering was filed with the SEC. You may obtain copies of these documents free of charge by visiting the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement, the accompanying prospectus and, when available, the final prospectus supplement may be obtained by contacting: Needham & Company, LLC, 250 Park Avenue, 10th Floor, New York, NY 10177, Attn: Prospectus Department, [email protected] or by telephone at (800) 903-3268 or Cowen and Company, LLC, 599 Lexington...