Cybex International, Inc. has filed a registration statement with the SEC for a proposed public offering of 3.5 million shares of its common stock. Of the total shares expected to be offered, 1.75 million shares would be issued by the company and 1.75 million shares offered by selling stockholders, including UM Holdings Ltd. and its principal stockholders, John Aglialoro and Joan Carter. CYBEX will not receive any proceeds from the shares offered by the selling stockholders. In addition, the underwriters will be granted a 30-day over-allotment option to purchase up to an additional 525,000 shares of common stock, equally split between CYBEX and the selling stockholders.
John Aglialoro, Chairman and CEO of CYBEX, stated: “This offering will provide capital to fund CYBEX's growth initiatives, including facilitating the development of new products aimed at specific market segments and the expansion of our manufacturing capacity. In the near-term, pending such use, the proceeds will be used to substantially pay down our indebtedness. The offering will also broaden our shareholder base which we expect to result in increased liquidity for our shareholders and a positive foundation for our stock as we execute our growth strategy.”
Joan Carter, President of UM Holdings Ltd., commented: “We are selling shares in the offering to provide liquidity for UM Holdings and as part of our own financial planning. We will have a substantial stock ownership position after the offering and we continue to view CYBEX as a key long-term holding for UM and us.”
Oppenheimer & Co. Inc. will be the sole book-running manager in the offering
