| An SI Board Since July 1998 |
| Posts |
SubjectMarks |
Bans |
Symbol |
| 581 |
8 |
0
|
UBID |
|
uBid Inc., a unit of Creative Computers, Inc. (MALL - news), filed Thursday with the Securities and Exchange Commission an initial public offering for up to 1,580,000 common shares.
The estimated initial price for the stock will be between $12 and $14 per share. After the offering, uBid will have outstanding common totalling 8,909,883 shares.
uBid has applied to trade on Nasdaq under the stock symbol ''UBID''
Following the offering, Creative will own about 82.3 percent of the outstanding shares, or 80.1 percent, if the underwriters exercise their over-allotment.
Creative said it intends to divest its ownership in the company by 1999 by means of a tax-free distribution to its stockholders, but in no event prior to 180 days after the consummation of the offering.
The company has granted the underwriters a 30-day over-allotment option to purchase up to 237,000 additional common shares. The offering will be made through Merrill Lynch & Co. and William Blair & Co.
Net proceeds will be used to repay the then outstanding payable and for working capital, including the company's planned advertising and brand development expenditures and for development of the company's infrastructure in order to support growth.
uBid, based in Elk Grove Village, Ill., operates an online auction for excess merchandise, offering close-out and refurbished products to consumers and small to medium-sized businesses.
|
|
|
