NAPCO Security Announces Pricing Of Secondary Public Offering Of 2 Mln Shares At $40.75/shr

(RTTNews) - NAPCO Security Technologies Inc. (NSSC) announced the pricing of underwritten secondary public offering of 2 million shares of its common stock at an offering price to the public of $40.75 per share.

The shares are being sold by the company's Chairman of the Board and President and Chief Executive Officer, Richard Soloway. In addition, 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.

The company said it 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.

NSSC closed Tuesday's regular trading at $44.06 down $0.58 or 1.30%. In the after-hours trading, the stock further dropped $2.06 or 4.68%.