21 Dec Sonic Foundry sets $3.75 stock price
Madison, Wis. – Sonic Foundry, Inc., has announced it will price a forthcoming public offering of three million shares of common stock at $3.75 per share.
Proceeds from the offering, which is expected to close on Dec. 27, 2006, will be used to support research and development and capital spending related to the company’s search technology and intellectual property protection. The Madison-based company, which has focused on developing its rich-media product called MediaSite, recently announced its intention to explore capital options.
Sonic Foundry set this process in motion with a registered direct filing with the U.S. Securities and Exchange Commission that seeks to establish a three-year timeframe in which the company will have the option to sell up to 12 million shares of common stock in one or more separate offerings.
Robert W. Baird & Co. in Milwaukee was the sole underwriter for the first offering, which is being made by means of a prospectus supplement. Copies of the supplement may be obtained from Robert W. Baird or the SEC website.
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