I think it was old news and it caused the panic selloff today. Here is an interesting post on AOL.
Subject: AFLX...sold off on old news?
Date: Wed, Nov 19, 1997 21:13 EST
From: Backy1969
Message-id: <19971120021301.VAA04135@ladder01.news.aol.com>
The MF evening news reported "ADFlex Solutions (Nasdaq:AFLX) dropped $3 1/2 to $16 7/8 after the flexible circuit interconnect maker registered 2.7 million common shares for a planned public offering.."
Isn't this old news? Could AFLX have sold off on old news that was mistakenly retransmitted? It might be bounce back tomorrow considering AFLX recently announced stellar earnings.
Tuesday October 21 6:40 PM EDT
Company Press Release
ADFlex Announces Filing of Registration Statement for
Proposed Public Offering
CHANDLER, Ariz.--(BUSINESS WIRE)--Oct. 21, 1997--ADFlex Solutions Inc. (Nasdaq
NM:AFLX) Tuesday announced that it has filed a registration statement with the Securities and Exchange Commission for the proposed public offering of 2,700,000 shares of Common Stock, of which 1,307,653 shares will be sold by the company and 1,392,347 shares will be sold by a selling stockholder.
An additional 405,000 shares will be sold by the company and other selling stockholders if the underwriters' over-allotment option is exercised in full. The proposed public offering will be managed by BancAmerica Robertson Stephens, Hambrecht & Quist, and PaineWebber Inc.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell, nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such State.
ADFlex Solutions is a leading worldwide provider of flexible circuit interconnect solutions to original equipment manufacturers (OEMs) in the electronics industry. The company offers a full range of customized flexible circuit applications and services from initial design, development and prototype to fabrication, assembly and test on a global basis.
The company targets high-volume markets where miniaturization, form and weight are driving factors and flexible circuits are an enabling technology. Applications for flexible circuits currently addressed by the company include notebook computers, portable communications devices such as cellular telephones and pagers, data storage devices such as hard disk drives, tape drives and arrays, and high-end consumer products such as compact disk players.
A copy of the preliminary prospectus relating to this offering may be obtained, when available, from BancAmerica Robertson Stephens, 555 California St., San Francisco, Calif. 94104: Hambrecht & Quist, One Bush St., San Francisco, Calif. 94101;, or PaineWebber Inc., 555 California St., 32nd Floor, San Francisco, Calif. 94101.
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