Cybex International, Inc. priced a secondary offering of 3.5 million shares of common stock at $5.50 per share. Of the total shares being offered, 1.75 million shares will be issued by CYBEX and 1.75 million shares will be sold by the selling stockholders, including UM Holdings Ltd., John Aglialoro and Joan Carter. CYBEX will not receive any proceeds from the sale of the shares by the selling stockholders. CYBEX and the selling stockholders have also granted the underwriters of the offering an option to purchase up to an additional 525,000 shares of common stock on the same terms, 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.”
Oppenheimer & Co. is the sole book-running manager in the offering. Stephens Inc. and Roth Capital Partners are co-managers of the offering.
