Additional 396,000 Shares Sold by Data Processing Resources


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.

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