360networks Sells $91.8M in Extra Shares

360networks announces exercise of over-allotment option in initial public offering.

May 10, 2000

1 Min Read

VANCOUVER, BC -- 360networks inc. today announced that the underwriters of its recent initial public offering of subordinate voting shares have exercised in full their over-allotment option to purchase additional 6,941,250 shares at the initial public offering price of $14 per share, less underwriting discounts. All of these shares will be sold by 360networks. The transaction is expected to close tomorrow.

As a result of the exercise of this option, 360networks will receive additional net proceeds of $91.8 million and will have raised a total of $745 million from its initial public offering before deducting the underwriting discount and offering expenses. After giving effect to the sale of the over-allotment shares, a total of 53,216,250 subordinate voting shares were offered and sold in the offering.


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