Cogent Sells $93 Million of Stock.
2006-06-08, HostMan.biz
Cogent Communications Group, Inc. today announced that the underwriters of the public offering of 9,000,000 shares of its common stock had exercised their option to purchase an additional 1,350,000 shares of stock from Cogent, Dave Schaeffer, Cogent's Chairman and CEO, and certain selling stockholders.
A total of 10,350,000 shares of common stock were sold by Cogent and the selling stockholders at a price of US$9.00 per share, resulting in gross proceeds, before underwriting discounts and offering expenses, of approximately US$93 million. The sale of 4.35 million shares by Cogent resulted in gross proceeds to Cogent, before underwriting discounts and offering expenses, of approximately US$39.15 million. The offering was completed on June 7, 2006.
The closing price of Cogent's common stock on June 7, 2006 was US$9.26 per share. Lehman Brothers and Bear, Stearns & Co. Inc. acted as joint book-running managers of the offering, Thomas Weisel Partners LLC acted as joint lead manager and Wachovia Securities and Friedman Billings Ramsey acted as co-managers.
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