Rocky Brands, Inc. priced 1.8 million shares of common stock for its upcoming public offering at $8.40 per share. The company has granted the underwriters in the offering an option to purchase up to 270,000 additional shares of common stock at the same price per share to cover any overallotments. The offering of shares is expected to close on May 14, 2010.
Assuming no exercise of the overallotment option, the company expects to receive net proceeds from the offering of approximately $14.1 million after deducting underwriting discounts and commissions and estimated expenses of the offering. The Company will use the net proceeds from the offering for the repayment of long-term debt.
The securities described above are being offered by the company pursuant to a shelf registration statement which was filed with the Securities and Exchange Commission (SEC) and became effective on May 6, 2010.
Robert W. Baird & Co. acted as the sole book-running manager for the offering. D.A. Davidson & Co. acted as co-manager for the offering.