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WageWorks Inc Announces Pricing Of Follow-On Offering


Thursday, 4 Oct 2012 07:00am EDT 

WageWorks Inc announced that the pricing of its follow-on public offering of 6,000,000 shares of its common stock at a price to the public of $17.50 per share. The underwriters have an option to purchase a maximum of 900,000 additional shares, including 31,313 shares of common stock which will be issued upon the exercise of outstanding warrants, from the selling stockholders identified in the prospectus for this offering to cover overallotments, if any. WageWorks will not receive any proceeds from the sale of shares to be offered by the selling stockholders other than $1,550,633 representing the exercise price of certain warrants to be exercised in connection with the follow-on offering. The principal purposes of this offering are to facilitate an orderly distribution of shares for the selling stockholders, to increase the public float and to raise additional capital. The proceeds of the primary portion of the offering will be used to provide additional working capital for WageWorks and general corporate purposes, including further expansion of sales and marketing efforts, continued investments in technology and development and for capital expenditures. William Blair & Company, L.L.C. and Stifel Nicolaus & Company, Incorporated are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC acting as co-managers. 

Company Quote

41.79
-0.25 -0.59%
4:02pm EDT