A.C. Moore Completes 2.55 Million Share Offering Priced at $32 Per Share.Business Editors BLACKWOOD, N.J.--(BUSINESS WIRE)--March 18, 2002 A.C. Moore Arts & Crafts, Inc. (Nasdaq:ACMR ACMR Air Combat Maneuvering Range ACMR Airspace Control Measure Request ACMR Annual Cost Monitoring Report ACMR Advanced Computer for Medical Research ACMR Aircraft Configuration Management Review (USAF) ACMR Asymmetrical Compact Microstrip Resonator ) announced the completion of a public offering of 2.55 million shares of its common stock through underwriters led by Adams, Harkness & Hill Inc. and co-managed by Fahnestock & Co. Inc. and Wedbush Morgan Securities Inc. The offering was priced at $32 per share. The company sold 1.75 million shares, of the 2.55 million shares offered, with shareholders selling the remaining 800,000. Some selling shareholders also granted to the underwriters a 30-day option to purchase up to 382,500 shares to cover over-allotments. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company are $52 million and will be used for general corporate purposes, including store expansion, fixtures and equipment for a new distribution center, and for working capital. A.C. Moore operates arts and crafts arts and crafts, term for that general field of applied design in which hand fabrication is dominant. The term was coined in England in the late 19th cent. as a label for the then-current movement directed toward the revivifying of the decorative arts. superstores This is a list of superstores by country. Multi-national
This press release contains statements that are forward-looking within the meaning of applicable federal securities laws and are based on A.C. Moore's current expectations and assumptions as of this date. The Company undertakes no obligation to update or revise any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. whether the result of new developments or otherwise. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors that could cause actual results to differ from those anticipated include, but are not limited to, customer demand and trends in the arts and crafts industry, related inventory risks due to shifts in customer demand, the effect of economic conditions, weather, the impact of competitors' locations or pricing, the availability of acceptable real estate locations for new stores, difficulties with respect to new system technologies, supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties, the effectiveness of advertising strategies and other risks detailed in the Company's Securities and Exchange Commission filings. |
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