Charter Power Systems completes 2.6 million share offering; Stock moves to NASDAQ.Power Systems, Inc. today announced the completion of a public offering of approximately 2.6 million shares of common stock at $27 per share. Approximately 2.55 million of the shares sold represented a secondary offering from private investors. The remaining 50,000 shares represented common stock sold by the company. The company also announced that, effective upon the opening of business on Oct. 27, 1995 its common stock will begin trading on the 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 National Market under the symbol CHTR CHTR Charter CHTR Canadian High Temperature Research . The last day of trading on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. will be Oct. 26. The 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). from the company's offering, together with proceeds the company will receive from repayment of promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and exercise of stock options by selling shareholders, will be approximately $3.8 million and will be used to repay corporate debt. The offering was underwritten by a group of underwriters led by Donaldson, Lufkin & Jenrette Securities Corp. Robertson, Stephens & Co. co-managed the offering. Charter Power Systems produces and markets integrated reserve power systems primarily for the telecommunications and industrial markets. CONTACT: Bibelnieks Associates, Inc. Yanis Bibelnieks, 212/949-2295 |
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