Tarpon Industries, Inc. Announces Initial Public Offering
MARYSVILLE, Mich., Feb. 15 /PRNewswire-FirstCall/ -- Tarpon Industries, Inc. (AMEX:TPO) announced today the initial public offering of 2,850,000 shares of
its common stock at an offering price of $5.00 per share in a firm commitment
underwriting led by Joseph Gunnar & Co. LLC of New York, NY, with LaSalle St. Securities L.L.C. of Chicago, IL and Newbridge Securities Corporation of Ft. Lauderdale, FL as co-underwriters. The Company has granted the underwriters a
30-day option to purchase up to an additional 427,500 common shares to cover
over allotments. A closing is anticipated later this week.
The Company's shares are listed on the American Stock Exchange under the symbol
"TPO" and began trading yesterday. Net proceeds to the Company from the
offering will be approximately $12,287,000, substantially all of which will be
used to finance the acquisition of the Haines Road facility of Bolton Steel
Tube Co., Ltd., to repay outstanding indebtedness related to prior acquisitions
and for capital expenditures. Proceeds of the over-allotment option would be
applied to capital expenditures and working capital.
Tarpon Industries, Inc., through its wholly-owned subsidiaries, manufactures
and sells structural and mechanical steel tubing and steel storage rack
systems. This release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The offering of these securities will be made only by means
of a prospectus, copies of which may be obtained from Joseph Gunnar & Co., LLC,
30 Broad Street, 11th Floor, New York, NY 10004. DATASOURCE: Tarpon Industries, Inc.
CONTACT: James T. House, Senior Vice President and Chief Financial Officer of Tarpon Industries, Inc., +1-810-364-7421 Web site: http://www.tarponind.com/
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