©Reuters.
AMITYVILLE, N.Y. – NAPCO Security Technologies, Inc. (NASDAQ: NSSC), a leading company in the electronic security market, today sells common stock owned by its Chairman and Chief Executive Officer, Richard L. Soloway. He announced that he was preparing. Secondary public offering. The proposed sale does not include any new shares in the company itself. Accordingly, NAPCO will not receive any proceeds from this transaction and will not dilute the holdings of current shareholders.
The exact number of shares to be sold by the selling shareholders has not been disclosed, and the offering is subject to market conditions. It is also noted that the selling stockholders intend to provide the underwriters with a 30-day option to purchase additional shares at the public offering price, less underwriting discounts and commissions.
Needham & Company and TD Cowen are acting as joint bookrunners, and DA Davidson & Company is acting as lead manager. The timing and terms of the offering remain uncertain and subject to market factors.
Investors may access the preliminary prospectus supplement and accompanying prospectus for more information about the offering by contacting the bookrunner or by visiting the SEC website.
NAPCO is known for innovative and reliable security products, serving a wide range of applications from commercial to government sectors. The company's product range includes school safety solutions as well as electronic security devices and services for intrusion and fire alarm systems.
This press release contains forward-looking statements regarding the offering and potential additional stock options. However, these statements involve risks and uncertainties and actual results may differ.
This announcement is based on a press release statement from NAPCO Security Technologies, Inc.
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