IntriCon (NSDQ:IIN) said late yesterday it closed a $94.9 million round of financing slated to support capital expenditures and the repurchasing of company shares.
The Arden Hills, Minn.-based company said it sold 1.5 million shares of common stock at $55 per share. The offering also included a fully exercised 30-day underwriter’s option to purchase an additional 225,000 shares of common stock at the same price.
Net proceeds from the round are expected to be approximately $88.9 million and are slated to fund capital expenditures, the repurchasing and retiring of 500,000 shares of stock from its employees and for other general corporate purposes, according to a press release.
Stifel served as a sole book-running manager for the offering, while B. Riley FBR and Dougherty & company acted as co-managers.
In March, Intricon said it inked a 5-year lease that will secure 30,000 sq. ft of manufacturing floor space near its Arden Hills, Minn. facility.
