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SMALL BUSINESS
Cathay General prices common stock offering
AP ONLINE
posted: 44 DAYS AGO
LOS ANGELES (AP) — Bank holding company Cathay General Bancorp Inc. said it has priced its offering of 7.6 million shares of common stock at $9.25 per share.
The company expects aggregate proceeds of $70.4 million from the sale, which it will use to cover general corporate purposes or for acquisitions.
The offering price reflects a discount of 3 percent from the stock's Tuesday close of $9.54 per share. However, shares gained 46 cents, or 4.8 percent, to $10 in midday trading.
The company has granted the underwriter a 30-day option to purchase up to another 1.1 million shares to cover possible overallotments. BofA Merrill Lunch is the offering's sole bookrunner.
Cathay General is the holding company for California state-chartered Cathay Bank.
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