Phoenix Footwear Group has priced its public offering of 2.5 million shares of common stock at a price of $12.50 per share. In addition, the Company has granted the underwriters an option to purchase an additional 375,000 shares of common stock at the same price to cover over-allotments, if any.
The offering is expected to close on July 19, 2004, subject to customary closing conditions as well as the concurrent closing of its pending acquisition of Altama Delta Corporation and related bank financing for the acquisition. The Company plans to use the net offering proceeds to pay a portion of the price for the pending Altama acquisition.
The lead managing underwriter for the offering is Wedbush Morgan Securities Inc. and First Albany Capital Inc. is co-manager.
