Steve
Here is some more good news,,,,,,,,,,,,,,,,
No District, Maryland or Virginia company has sold stock in either an IPO
or a secondary offering since Aug. 3., when Softworks Inc. of Alexandria
went public with a $29.4 million IPO at $7 a share.
Softworks' offering bulked up the balance sheet of the software company,
a spinoff of Computer Concepts Corp. of Bohemia, N.Y. It also provided
a $17.5 million payoff for the parent company and other investors who
cashed out in the IPO, but so far it has been a disaster for investors.
Softworks stock hasn't touched its offering price of $7 since day one. It
closed Friday at $3.56 1/4 a share. In only five weeks Softworks
shareholders have lost roughly half their investment.
That's the fastest drop of any local IPO in years and a black eye for the
investment bankers who sold the stock, SoundView Financial of Stamford,
Conn., and Raymond James Associates of St. Petersburg, Fla. |
