Key Developments For Broadpoint Gleacher Securities Group, Inc.
Broadpoint Gleacher Securities Group, Inc. (BPSG.O) (Consolidated Issue listed on NASDAQ Global Market)
Broadpoint Gleacher Secu. Group, Inc Announces Exercise in Full by Underwriters of Over-Allotment Option on Common Stock Offering
Broadpoint Gleacher Secu. Group, Inc announced that the underwriters of the Company's recent public offering of common stock have elected to exercise their option to purchase an additional 3,525,000 shares of the Company's common stock, consisting of 2,000,000 shares to be sold by the Company and 1,525,000 shares to be sold by one of the selling shareholders. The option exercise is scheduled to close on August 27, 2009. With the inclusion of the option shares, the total offering size was approximately $169 million, at the $6.25 per share public offering price. The exercise of the over-allotment option brings the total number of shares sold by the Company in the public offering to 16,000,000, generating total net proceeds to the Company of approximately $93.3 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company will not receive any of the proceeds from the sale of shares by the selling shareholder. The Company intends to use the net proceeds from its sale of shares for working capital, general corporate purposes, potential acquisitions and expansion of its business generally. BofA Merrill Lynch, Broadpoint.Gleacher and Sandler O`Neill + Partners, L.P. acted as the bookrunners for the offering, and Keefe Bruyette & Woods and Fox-Pitt Kelton Cochran Caronia Waller acted as the co-managers.
Broadpoint Gleacher Secu. Group, Inc Announces Pricing Of Public Offering Of Common Stock
Broadpoint Gleacher Secu. Group, Inc announced the pricing of an underwritten public offering of its common stock consisting of 14,000,000 shares from the Company and 9,500,000 shares held by certain of its existing shareholders. BofA Merrill Lynch, Broadpoint.Gleacher and Sandler O`Neill + Partners, L.P. are the bookrunners for the offering, and Keefe Bruyette & Woods and Fox-Pitt Kelton Cochran Caronia Waller are the co-managers. The price to the public is $6.25 per share, and proceeds to the Company from the offering, net of underwriting discounts and commissions and expenses, are expected to be approximately $81.4 million. The Company will not receive any of the proceeds from the sale of shares by the selling shareholders. The Company intends to use the net proceeds from this offering for potential acquisitions and expansion of its business generally. The Company has granted to the underwriters a 30-day option to purchase up to an additional 2,000,000 shares, and one of the selling shareholders has granted to the underwriters a 30-day option to purchase up to an additional 1,525,000 shares, to cover over-allotments, if any.
Broadpoint Gleacher Secu. Group, Inc Commences Offering Of Common Stock
Broadpoint Gleacher Secu. Group, Inc announced the commencement of an underwritten public offering of its common stock consisting of 12,000,000 shares from the Company and 8,000,000 shares held by certain of its shareholders. The Company plans to grant to the underwriters an option to purchase up to an additional 2,000,000 shares and one of the selling shareholders plans to grant to the underwriters an option to purchase up to an additional 1,000,000 shares to cover over-allotments, if any. The Company will not receive any of the proceeds from the sale of shares by the selling shareholders. The Company intends to use the net proceeds from its sale of shares for working capital, general corporate purposes, potential acquisitions and expansion of its business generally. BofA Merrill Lynch, Broadpoint. Gleacher and Sandler O`Neill + Partners, L.P., are the bookrunners for this offering.
Broadpoint Gleacher Secu. Group, Inc Closes Acquisition Of Gleacher Partners
Broadpoint Gleacher Secu. Group, Inc announced the completion of the acquisition of Gleacher Partners Inc., a financial advisory firm. The Company also announced its name change and rebranding. Broadpoint and Gleacher will combine Broadpoint`s strength in sales, trading and research in fixed income, equity and mortgage and asset-backed securities with Gleacher`s advisory business. The combined firm will assist major companies with their strategic initiatives and provide financing advice and execution, as required. The firm will offer restructuring and recapitalization advice as our economy deleverages and rights itself for a successful future. Under the terms of the merger agreement, consideration to be paid to the selling stockholders is $20 million in cash (with $10 million paid at closing and $10 million to be paid post-closing) and approximately 23 million shares of common stock subject to resale restrictions.
Broadpoint Gleacher Secu. Group, Inc Announces Name Change-Stock Exchange
The Stock Exchange reported that Broadpoint Securities, Inc. has changed its name to Broadpoint Gleacher Secu. Group, Inc.
