EF Johnson parent seeks $4.2 million in stock offering
EFJ, a wireless communications vendor and parent company of EF Johnson, today announced plans to raise $42 million by pricing a secondary offering of 6 million common shares at $7 each.
Underwriters for the offering—A.G. Edwards, Needham & Co., and C.E. Unterberg, Towbin—have a 30-day option to purchase as many as 900,000 additional shares to cover over-allotments. The offering is expected to close on Aug. 24.
An SEC filing in May indicated that EFJ plans to use the money generated from the offering for general corporate purposes, including business development, research or acquisitions, according to an AP report.