24/7 Plans Additional Public Stock Offering
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Internet ad network 24/7 Media Inc. in New York City said it filed a registration statement with the SEC for a follow-on public offering of 4 million shares of common stock, of which 2 million shares will be offered by the company and 2 million will be offered by existing stockholders.
The company said it will not receive any portion of the proceeds of the sale by selling stockholders.
The follow-on offering is being managed by an underwriting group led by Merrill Lynch & Co. Allen & Company Inc., CIBC Oppenheimer, J.P. Morgan & Co., and PaineWebber Inc. are co-managers of the offering.
The company said it intends to use the net proceeds of the offering for general corporate purposes, including working capital and potential acquisitions. 24/7 stock closed at 31 3/8.