AMITYVILLE, N.Y., Feb. 8, 2023
/PRNewswire/ -- NAPCO Security Technologies, Inc. (NASDAQ: NSSC),
one of the leading manufacturers and designers of high-tech
electronic security devices, wireless recurring communication
services for intrusion and fire alarm systems as well as a leading
provider of school safety solutions, announced today the pricing of
the previously announced underwritten secondary public offering of
2,100,000 shares of its common stock at an offering price to the
public of $31.50 per share (the
"Offering"). The shares are being sold by NAPCO's Chairman of the
Board and President and Chief Executive Officer, Richard L. Soloway, and its Chief Financial
Officer and Executive Vice President of Operations, Kevin S. Buchel (each, a "Selling Stockholder"
and together, the "Selling Stockholders"). Additionally, the
Selling Stockholders have granted the underwriters a 30-day option
to purchase from them up to an additional 300,000 shares of common
stock. The Offering is expected to close on February 13, 2023, subject to customary closing
conditions.
NAPCO is not issuing or selling any shares of common stock in
the Offering and therefore will not receive any of the proceeds
from the sale of common stock in the Offering by the Selling
Stockholders.
Needham & Company, LLC and William
Blair & Company, L.L.C. are acting as joint book-runners
for the Offering.
The securities described above are being offered by the Selling
Stockholders pursuant to an effective registration statement on
Form S-3ASR (File No. 333-267376) previously filed by the company
with the Securities and Exchange Commission (the "SEC") and
automatically effective on September
12, 2022. The securities are being offered only by
means of a prospectus. A copy of the preliminary prospectus
supplement and the accompanying prospectus relating to and
describing the Offering was filed with the SEC. You may obtain
copies of these documents free of charge by visiting the SEC
website at www.sec.gov. Alternatively, copies of the preliminary
prospectus supplement and the accompanying prospectus, and the
final prospectus supplement, when available, may also be obtained
by contacting: Needham & Company, LLC, 250 Park Avenue, 10th
Floor, New York, NY 10177, Attn: Prospectus Department,
Email: prospectus@needhamco.com, Telephone: (800) 903-3268 or
William Blair & Company, L.L.C.
150 N. Riverside Plaza, Chicago,
Illinois 60606 Attn: Prospectus Department,
Email: prospectus@williamblair.com, Telephone: (800)
621-0687.
This press 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 the registration or
qualification under the securities laws of any such
jurisdiction.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the world's leading
manufacturers and service providers of high-tech electronic
security devices as well as a leading provider of school safety
solutions. The Company consists of four Divisions: NAPCO, plus
three wholly-owned subsidiaries: Alarm Lock, Continental
Instruments, and Marks USA.
Headquartered in Amityville, New
York, its products are installed by tens of thousands of
security professionals worldwide in commercial, industrial,
institutional, residential and government applications. NAPCO
products have earned a reputation for innovation, technical
excellence and reliability, positioning the Company for growth in
the multi-billion dollar and rapidly expanding electronic security
market. For additional information on NAPCO, please visit the
Company's web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that
are based on current expectations, estimates, forecasts and
projections of future performance based on management's judgment,
beliefs, current trends, and anticipated product performance. These
forward-looking statements include, but are not limited to,
statements relating to the closing of the secondary public offering
and the exercise of the option to purchase additional shares.
Actual results, performance or achievements could differ materially
from those anticipated in such forward-looking statements as a
result of certain factors, including those risk factors set forth
in the Company's filings with the Securities and Exchange
Commission, such as our annual report on Form 10-K and quarterly
reports on Form 10-Q. Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity,
performance, or achievements. You should not place undue reliance
on these forward-looking statements. All information provided in
this press release is as of today's date, unless otherwise stated,
and the Company undertakes no duty to update such information,
except as required under applicable law.
Contacts:
Patrick McKillop
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
OP: 800-645-9445 x 374
CP: 516-404-3597
pmckillop@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.