AMITYVILLE, N.Y. - NAPCO Security Technologies, Inc. (NASDAQ: NSSC), a prominent player in the electronic security market, disclosed today that its Chairman and CEO, Richard L. Soloway, is preparing to sell shares of common stock he owns in a secondary public offering. The proposed sale will not include new shares from the company itself; thus, NAPCO will not receive any proceeds from the transaction, nor will it dilute the holdings of current shareholders.
The exact number of shares to be sold by the Selling Stockholder has not been disclosed, and the offering is contingent on market conditions. It is also noted that the Selling Stockholder plans to provide underwriters with a 30-day option to purchase additional shares at the public offering price, subtracting underwriting discounts and commissions.
Needham & Company and TD Cowen are serving as joint book-runners, with D.A. Davidson & Co. as the lead manager. The offering's timing and terms remain uncertain and are subject to market factors.
Investors can access the preliminary prospectus supplement and accompanying prospectus for more details about the offering by contacting the book-runners or visiting the SEC website.
NAPCO, renowned for its innovative and reliable security products, serves a wide range of applications from commercial to government sectors. The company's product range includes electronic security devices and services for intrusion and fire alarm systems, as well as school safety solutions.
This press release contains forward-looking statements regarding the secondary offering and the potential additional share option. However, these statements are subject to risks and uncertainties, and actual outcomes may differ.
The announcement is based on a press release statement from NAPCO Security Technologies, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.