Action Performance Cos. Inc. completes offering.TEMPE, Ariz.--(BUSINESS WIRE)--June 24, 1997--Action Performance Cos. Inc. (Nasdaq/NM:ACTN ACTN Action ACTN Acetone ) Tuesday announced that it has completed the offering of 2.1 million shares of common stock at a price of $25-5/8 per share. The offering was made on June 19, 1997, and closed Tuesday. Of the shares offered, 1,770,000 shares were sold by the company and 330,000 shares were sold by certain selling shareholders. The size of the offering was increased from the originally planned 1.9 million shares. Underwriters Montgomery Securities, Advest Inc. and Interstate/ Johnson Lane Corp. have a 30-day option to purchase an additional 315,000 shares from the company to cover overallotments. Company proceeds, net of expenses, of approximately $42.3 million will be used to pay certain existing indebtedness from recent acquisitions and for general corporate purposes, including possible acquisitions and for additional working capital. The company did not receive any of the proceeds from the shares sold by selling stockholders. Following the close of the offering Tuesday, Action Performance now has approximately 15.5 million common shares outstanding. Copies of the prospectus may be obtained from Montgomery Securities, 600 Montgomery St., San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif. 94111 (415/627-2000); from Advest Inc., 90 State House Square, Hartford, Conn. 06103 (860/509-1000); or from Interstate/Johnson Lane, Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Tower, 121 W. Trade St., Suite 1100, Charlotte, N.C. 28202 (704/379-9000). Action Performance Cos. is a leading company in the design, marketing and distribution of licensed motorsports collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. and consumer merchandise. Its products include die-cast scale replicas of motorsports vehicles, apparel (including T-shirts, hats and jackets), related souvenirs and other memorabilia mem·o·ra·bil·i·a pl.n. 1. Objects valued for their connection with historical events, culture, or entertainment: posters, publicity photographs, and other movie memorabilia. 2. . The company markets its products directly through a 90,000-member Racing Collectables Club of America, trackside track·side n. The area near a track, especially a racetrack. at racing events and by a select retail network of approximately 5,000 specialty dealers. CONTACT: Action Performance Cos. Inc., Tempe Christopher Besing, 602/517-3703 Fred W. Wagenhals, 602/517-3710 or Silverman Heller Associates, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Eugene Heller or Glenn Schoenfeld, 310/208-2550 |
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