Modine expands stock offering; Koss plans stock split to meet Nasdaq requirements
Modine expands stock offering
Racine-based Modine Manufacturing Co. has expanded its previously announced public stock offering from 9 million to 12 million shares, priced at $7.15 per share.
The offering includes a 30-day option for the underwriters to purchase up to an additional 1.8 million shares on the same terms and conditions.
Assuming no exercise of the underwriters’ option, Modine expects to receive net proceeds from the offering of approximately $81 million after deducting underwriting discounts and commissions and estimated expenses of the offering.
Modine intends to use the net proceeds from the offering to reduce indebtedness and for general corporate purposes.
J.P. Morgan is the book-running manager and Milwaukee-based Robert W. Baird & Co. Inc. is the lead manager for the offering. Comerica Securities and KeyBanc Capital Markets are acting as co-managers.
Koss plans stock split to meet Nasdaq requirements
Glendale-based Koss Corp. has submitted a two-for-one stock split plan to the meet the minimum listing standards of the Nasdaq Global Market.
The plan will be reviewed by Nasdaq and, if deemed to be acceptable, Koss would be granted up to 105 calendar days to achieve compliance.
Koss executives believe that a two-for-one forward stock split would increase the number of the company’s publicly held shares sufficiently to comply with the listing rule.
On Sept. 16, Koss announced it had received a notice from Nasdaq indicating that it no longer meets the minimum 750,000 publicly held shares requirement for the Nasdaq Global Market.
Koss said that if it is unsuccessful in maintaining its Nasdaq listing, the company may pursue listing and trading of its common stock on the Over-The-Counter Bulletin Board or another securities exchange or association with different listing standards than Nasdaq.
Koss manufactures high-fidelity stereophones, speaker-phones, computer headsets, telecommunications headsets, active noise canceling stereophones, wireless stereophones and compact disc recordings of American Symphony Orchestras on the Koss Classics label.
