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Emerge Interactive IPO set at 8 mln shares
WASHINGTON, Dec 10 (Reuters) - Emerge Interactive Inc., an electronic commerce company for the cattle industry, on Friday set its initial public offering at 8 million class A common shares in a projected price range of $10-$12 per share.
The Sebastian, Fla.-based company is offering 6.5 million of the shares while two stockholders offer the other 1.5 million shares, according to a filing with the Securities and Exchange Commission.
As part of the IPO, Emerge is offering 2.85 million shares at the to-be-determined public offering price to shareholders of Safeguard Scientifics Inc. (NYSE:SFE - news), a major investor.
The underwriters led by Adams Harkness & Hill have an option to buy 675,000 more shares in case of heavy investor demand.
Emerge, whose products and services are designed to create an efficient market for buying and selling cattle, plans to use the net proceeds from the IPO to repay debt, for working capital and general corporate purposes.
Those purposes include sales and marketing activities, research and development and capital expenditures.
The company has applied to trade the shares on Nasdaq under the symbol (NasdaqSC:EMRG - news).
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