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.