audiohighway.com Announces Completion of Initial Public Offering
CUPERTINO, Calif.
--(BUSINESS WIRE)--Dec. 22, 1998--audiohighway.com, an Internet-based information and entertainment company, announced today that its initial public offering of units consisting of one share of common stock and one redeemable common stock purchase warrant was declared effective after the market close on Thursday, December 17, 1998. The initial public offering price of the units was $6.50. Trading began Friday, December 18, 1998 and, on that date, the warrants closed at $1.75 and the common stock closed at $7.25 for a combined value of $9.00. The common stock is trading on the Nasdaq SmallCap Market under the symbol ''AHWY'', and the warrants under the symbol ''AHWYW''. The common stock and warrants also trade on the Boston Stock Exchange under the symbols ''AHY'' and ''AHYW'', respectively. audiohighway.com sold 2.2 million units to an underwriting group led by Paulson Investment Company, Inc., Portland, Oregon. The sale raised $14,300,000 in gross proceeds and approximately $12,400,000 in net proceeds to the Company, after deducting the underwriting discount of 7.25% and other expenses of the offering. Settlement is scheduled for December 23, 1998.
audiohighway.com is an Internet-based information and entertainment company which through its AudioCast System, uses the capabilities of the World Wide Web to enable users to download from the Internet and play back selected audio content such as audio books, music, timely new programs and other forms of information and entertainment. The Company currently has available on its Web site audio content from such providers as National Public Radio, Newsweek On Air, Associated Press, Penguin Books, USA, ESPN, and Compact Classics. For more information, contact the Company at (408) 255-5301 or (800)-77LISTEN, or visit its Web site at audiohighway.com.
A copy of the Prospectus relating to the offering may be obtained from Paulson Investment Company, Inc., Syndicate Department, 811 S.W. Naito Parkway, Suite 200, Portland, Oregon 97204.
L.G. Zangani, LLC provides financial public relations service to the Company, As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of moneys, capital stock in the Company, warrants or options to purchase capital in the Company.
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