Auric:
Here's an interesting short idea.....
Monday February 22, 4:05 pm Eastern Time
Company Press Release
Underwriters of E-TEK Dynamics, Inc. to Release a Portion of Lockup
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 22, 1999--E-TEK Dynamics, Inc. (NASDAQ: ETEK - news) today announced that the underwriters for the Company's initial public offering have agreed to release 10%, or 5.6 million shares, of the approximately 56 million shares which are subject to lockup agreements due to expire May 30, 1999. The release applies on a pro rata basis to the holdings of each locked up stockholder, and will be effective with the opening of trading on March 2, 1999. This partial release of the underwriters' lockup has no effect on various resale restrictions under applicable securities laws and regulations that apply to certain stockholders.
E-TEK's initial public offering of common stock was declared effective on December 1, 1998. The Company sold 4.0 million shares to an underwriting group led by Goldman, Sachs & Co. and Morgan Stanley Dean Witter, with Dain Rauscher Wessels and NationsBanc Montgomery Securities LLC as co-managers. An additional 1.75 million shares (including shares covered by the underwriters' over-allotment option) were sold by selling stockholders. E-TEK is traded on the Nasdaq National Market under the symbol ETEK.
Four million shares in public hands, five million coming to market in the next little while. Target of $26-$27, if that goes we're talkin' $20-$22. Today's bounce should be short lived, eh?
drakes353
|
