Motorcar Parts of America announced the pricing of its underwritten public offering of 2.4 million shares of its common stock at a price to the public of $26 per share.
In addition, Motorcar Parts of America has granted the underwriters a 30-day option to purchase up to 360,000 additional shares of common stock to cover over-allotments, if any. All shares of common stock to be sold in the offering will be offered by Motorcar Parts of America. The offering is expected to close on or about September 2, 2014, subject to satisfaction of customary closing conditions.
The total gross proceeds of the offering are expected to be approximately $62.4 million. After deducting the underwriter's discount and other estimated offering expenses payable by Motorcar Parts of America, the net proceeds are expected to be approximately $58.1 million. These amounts assume no exercise of the underwriter's over-allotment option. Motorcar Parts of America expects to use the net proceeds from the offering for working capital and other general corporate purposes.
Craig-Hallum Capital Group LLC and Roth Capital Partners LLC are acting as joint book-running managers for the offering. B. Riley & Co. LLC is acting as co-manager for the offering.
The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. The prospectus and a preliminary prospectus supplement related to the offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov and may also be obtained from Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: [email protected].
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