MAI Basic Four Inc. Has Completed Stock Offering
MAI Basic Four Inc., a Tustin computer maker that has staged a remarkable turnaround, Wednesday announced the completion of its initial public offering of 4 million shares of common stock at $15 per share.
Proceeds from the sale, which total $60 million before expenses, will be used to repay subordinated debentures and redeem the company’s preferred stock.
The sales price was slightly lower than the $17 to $20 per share that the company had expected to fetch when it filed its prospectus with the Securities and Exchange Commission last month.
The stock trades on the New York Stock Exchange.