Hughes Communications, Inc. (NASDAQ: HUGH) is under a little pressure after the company announced plans to offer a shelf registration for up to 2 million shares of common stock.
The broadband satellite network solutions and services global leader intends to offer 2 million common shares and an additional 239,000 shares will be offered by selling stockholders, including senior management members.
Joint book-runners will be Goldman Sachs and Lehman Brothers; and co-managers are Banc of America, Cowen & Co., Morgan Stanley, UBS, and Wachovia Securities. The underwriting syndicate will also be granted an option to purchase an additional 335,940 shares of common stock for over-allotments.
The proceeds from the public offering valued at approximately $100 million from the company itself will be used for the purchase of a satellite or for general corporate purposes. Hughes will not receive any proceeds from selling stockholders.
Shares of Hughes are down over 3% at $50.00 in early morning trading. The 52-week range is $42.00 to $61.00. The market cap currently sits around $965 million.
You can join our open email distribution list to hear about other secondary offerings, special financings, mergers, IPO’s, spin-offs, and other special situations.
Rachel Lopez
May 13, 2008
The Modern Investment App For a Richer Tomorrow (Sponsored)
Robinhood set out to democratize investing to individuals, and it’s not slowing down. The app makes it possible to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
With FDIC insurance ,an award winning design, and benefits like IRAs and more, Robinhood could be your path to a richer tomorrow.
Sign up today — click here to start your journey.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.