Andover.Net Announces Initial Public Offering of 4,000,000 Shares.ACTON, Mass.--(BUSINESS WIRE)--Dec. 8, 1999-- Andover.Net, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ANDN) today announced the initial public offering of 4,000,000 shares of Andover.Net common stock at a public offering price of $18.00 per share. All 4,000,000 shares were offered by Andover.Net. The offering was underwritten by WR Hambrecht + Co WR Hambrecht + Co. is a full service investment bank with headquarters in New York and San Francisco. It specializes in using its unique auction process called OpenIPO to compete with the traditional methods of larger and more established banks. , Advest, Inc. and DLJdirect Inc. through WR Hambrecht + Co's proprietary OpenIPO system. Andover.Net has granted the underwriters an option, exercisable within the next 30 days, to purchase an additional 600,000 shares solely to cover over-allotments. The clearing price of Andover.Net's common stock, as determined through WR Hambrecht's OpenIPO auction process, was $24 per share, above the revised filing range of $15 to $18 per share. The Company raised $72 million in gross proceeds; $18 million more than at the mid-point of the initial filing range of $12 to $15 per share. Andover.Net elected to set the public offering price at $18, which was below the clearing price. Andover.Net is the first company to activate this feature of the OpenIPO process. Andover.Net is a leading Linux/Open Source Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the destination with a total of over 2 million users and over 40 million page impressions on a monthly basis. Its network of Web sites provides an independent, unbiased source for content, community and commerce for the Linux/Open Source communities. Andover.Net properties include Slashdot (slashdot.org), a Web site for Linux/Open Source news, community comments and resources and Freshmeat (freshmeat.net), a downloadable Linux software application repository (1) A database of information about applications software that includes author, data elements, inputs, processes, outputs and interrelationships. A repository is used in a CASE or application development system in order to identify objects and business rules for reuse. . Copies of the final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this offering may be obtained when available by contacting WR Hambrecht + Co at http://www.openipo.com, by contacting WR Hambrecht + Co in writing at 555 Lancaster Avenue, Suite 200, Berwyn, PA 19312 or by calling toll free 1-877-673-6476. Copies of the final prospectus may also be obtained by contacting Advest, Inc. in writing at 100 Federal Street, 29th Floor, Boston, MA 02110, or by calling 1-800-659-2678 x2390. Except for the historical information contained herein, the matters discussed in this news release are 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. involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Andover.Net's limited operating history; the expectation that Andover.Net will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. substantial losses in the future; Andover.Net's reliance on Linux/Open Source community; Andover.Net's heavy reliance on advertising revenues; intense competition and other risks listed in the Registration Statement. Further information regarding these and other risks is included in Andover.Net's S-1 registration statement. Andover.Net is a trademark of Andover.Net. |
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