Image management firm Emageon has gone public, with the company's stock closing at $14.95 a share in its first day of trading on February 9 after initially being priced at $13.
Emageon issued 5 million shares of stock, not counting over-allotment option, to raise a total of $58.45 million after deducting discounts, commissions, and expenses. The Birmingham, AL, company could raise $67.52 million after expenses if the underwriters exercise their over-allotment option in full over the next 30 days. Emageon is trading on the Nasdaq stock exchange under the symbol "EMAG."
Emageon plans to use proceeds of the offering to repay $4 million in outstanding subordinated debt and for general corporate purposes, including working capital, research and development, sales and marketing, and capital expenditures. The company also said it may use a portion of the proceeds for the acquisition or investment in businesses, products, and technologies that are complementary to its business.
By AuntMinnie.com staff writers
February 10, 2005
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