(NewsTraders) Netgateway To Offer 2.5M Cmn Shares, Seeks Move To Nasdaq (N
Netgateway To Offer 2.5M Cmn Shares, Seeks Move To Nasdaq (NGWY)
(NewsTraders.com)-- Netgateway Inc. (NGWY), a provider of eCommerce services,
filed with the SEC late yesterday for an underwritten secondary offering of 2.5
million common shares.
In addition, the Long Beach, Calif., company said it has applied to move its
stock listing from the OTC Bulletin Board, where it currently trades under the
symbol "NGWY," to the Nasdaq National Market, under the same symbol.
Netgateway estimates it will receive $32 million in net proceeds from the
offering, assuming a per-share price of $14.625, according to its Form S-1
filing.
The company intends to use such funds to repay debt, increase marketing and
research, acquire additional capital equipment, and for general corporate and
working capital purposes.
After the offering, which is being managed by Cruttenden Roth, Netgateway will
have about 12.3 million common shares outstanding.
The company recently entered into Web management and/or eCommerce deals with
Xoom.com (XMCM), CB Richard Ellis (CBG) and Gateway (GTW).
Netgateway can be located on the Web at www.netgateway.net.
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