Data Processing Resources Corp., which issued its first public stock to great demand last week, said the company and existing shareholders have sold an additional 396,000 shares through a so-called over-allotment option.
The sale of the additional stock at $14 per share raised the total number of new shares sold to more than 2.7 million and increased the proceeds from the offering to $38.2 million. Altogether, the company has 3.04 million shares outstanding.
The company used about $3.9 million of the net proceeds from its offering to repay a loan, and will use the balance of the funds for working capital and general corporate purposes.
The over-allotment option was designed to allow the company and shareholders to take advantage of heavy demand for Data Processing stock.
Last week, the Newport Beach company's stock price soared from $14 to $21.125 per share on its first day of trading. On Tuesday, Data Processing shares closed at $19.875.
Data Processing, founded 11 years ago, supplies high-technology temporary workers to large companies.