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AMITYVILLE, N.Y. – NAPCO Security Technologies, Inc. (NASDAQ: NSSC), a specialist in electronic security equipment and school safety solutions, announced the pricing of its 2,000,000 share secondary public offering at $40.75 per share.
The stock is being offered by Richard L. Soloway, the company's chairman and chief executive officer. The transaction also includes an option for the underwriters to purchase up to 300,000 additional shares within 30 days.
The offering involves the sale of existing shares by Soloway, rather than the addition of new shares by the company, and is expected to close on March 8, 2024, subject to standard closing conditions. NAPCO receives no revenue from this offering.
Needham & Company and TD Cowen are acting as joint bookrunning managers, and DA Davidson & Company is acting as lead manager for the offering. The shares are being offered pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC), which became effective on the date of publication.
This offering comes as NAPCO continues to be recognized for innovative and reliable security products used in a variety of environments, from residential to government applications. The company has a strong position in the security market, which is expected to grow significantly in the future.
This announcement states that this press release is not an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. is clearly stated.
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