Rochester, NY 8/24/2009 11:38:20 PM
Orchids Paper Products Company; TIS , Announces Common Stock Prices
Orchids Paper Products Company, TIS
Orchids Paper Products Company announced that the Company has priced an underwritten public offering of 750,000 shares of common stock at a price to the public of $18.50 per share. The Company has granted the underwriter a 30 day option to purchase up to 112,500 additional shares at the public offering price to cover over allotments, if any.
The offering is expected to close on August 26, 2009, subject to satisfaction of closing conditions. Approximately $13.9 million is the gross proceeds expected by the company.
Intentionally the company tries to use the net proceeds of the offering for the construction of a warehouse, the purchase and installation of a new converting line, and for general corporate purposes. The sole underwriter for the offering is Stephen Inc.
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