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Technology Stocks : DataLink

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To: bob gauthier who wrote (20)3/8/2000 8:18:00 AM
From: bob gauthier  Read Replies (1) of 48
 
Datalink and holders file to sell 2.5 mln shares
WASHINGTON, March 7 (Reuters) - Datalink Corp. (NasdaqNM:DTLK - news), aprovider of networked data storage solutions, filed on Tuesday to sell 2.2 million shares of common stock and some of its stockholders filed to sell 300,000 shares.

The company will likely net $42 million from the sale of its shares which will be used to fund its growth and expansion plans as well as working capital and other general corporate purposes, according to a prospectus filed with the Securities and Exchange Commission.

It will not receive any of the proceeds from the shares sold by stockholders who include its chief executive and president Greg Meland, the filing said.

After the offering there will be almost 11 million shares outstanding.

The underwriters, Salomon Smith Barney, Needham & Co. Inc. and Morgan Keegan & Co. Inc., have been granted the option to purchase an extra 375,000 shares of common stock to cover over-allotments in the event of heavy demand.

Shares in the Minneapolis-based company closed down 9/16 to 19-15/16 on Nasdaq.
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