Asset Acceptance Capital Corp. (NASDAQ: AACC) made a filing with the SEC late Thursday showing that the company has filed to sell 10.932 million shares of common stock in a secondary offering. These shares are being sold by AAC Quad-C Investors LLC, so none of the proceeds from this secondary will go to the company. This filing will allow the holder to offer the shares from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices.
Based on the filing, its amount was $137.4 million in sales based upon their closing data used, but based on yesterday’s close of $14.18 it would be a $155 million offering. The market cap of the whole company is only $433.4 million based on a higher close yesterday.
Asset Acceptance Capital Corp. (NASDAQ: AACC) has a 52-week trading range of $7.31 to $19.25.
Jon C. Ogg
May 23, 2008