Viisage to introduce 7.2 million shares of common stock
By Jeffrey Sanders
Updated Thu July 29, 2004
July 29, 2004
BILLERICA, Mass. - Identity verification company Viisage is in talks with potential investors about a proposed sale of 7.2 million new shares of common stock.
Based on the closing price of its stock on July 28 of $6.35, Viisage is poised to raise approximately $45 million as a result of the sale.
Viisage filed a registration statement in June with the Securities and Exchange Commission to sell the shares. At that time, the company said it would offer the shares during the third quarter, depending on market conditions. The shares are expected to be priced shortly.
The company declined to comment on the offering, citing SEC restrictions. In its SEC filing, Viisage said it would use the proceeds of the financing to pay down outstanding debt and pursue possible acquisitions.
Existing shareholders plan to sell an additional 300,000 shares at the same time of the offering, the company said.
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