WFS Raises $34 Million From Sale of Stock
WFS Financial Inc., an Irvine auto finance company, said Thursday that it has raised about $34.1 million in net proceeds from the sale of additional stock.
The company said in a press release it has completed an offering of 2.35 million common shares at $15 a share, increasing the total number of shares outstanding to about 28 million.
Its stock price fell $1.50 Thursday to close at $14 a share amid heavy Nasdaq trading. More than 2 million shares traded hands, compared with the average daily number of 13,648 trades in the previous three months.
A group of underwriters led by Bear, Stearns & Co. and Donaldson, Lufkin & Jenrette Securities Corp. have an option to purchase up to 352,500 more shares.
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