TSTN striking while the iron is hot:
biz.yahoo.com
Friday September 1, 6:47 pm Eastern Time
Turnstone Systems files to sell 3.5 mln common shares
WASHINGTON, Sept 1 (Reuters) - Turnstone Systems Inc. (NasdaqNM:TSTN - news) on Friday filed with the Securities and Exchange Commission to
ell 3.5 million shares of common stock.
The company, which helps local exchange carriers deploy and maintain digital subscriber line (DSL), said in an SEC filing it plans to use the proceeds from the secondary offering for general corporate purposes, working capital, capital spending and possible acquisitions.
There will be 64.3 million shares outstanding after the offering, the filing showed.
The company said it will not receive any proceeds from the sale of an additional 500,000 shares by stockholders.
The offering is underwritten by Goldman, Sachs & Co., Dain Rauscher Wessels, Deutsche Banc Alex. Brown, Robertson Stephens, and U.S. Bancorp Piper Jaffray.
Shares of the Santa Clara, Calif.-based company closed up $7-3/8 to $66-1/4 on Nasdaq. They have a 52-week high of $107 and a low of $23. |
