BOCA RATON, Fla.—FriendFinder Networks (FFN) announced today that it has priced its previously announced underwritten initial public offering of 5,000,000 shares of common stock at a per share value of $10 per share for gross proceeds to FFN of $50,000,000.
The company has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock. The offering is expected to close on or about May 16, with shares expected to begin trading on the Nasdaq Global Market on May 11 under the symbol “FFN.”
Imperial Capital, LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., served as joint bookrunners for the offering.
FFN said it intends to use the net proceeds of the public offering to repay a portion of its existing indebtedness. A registration statement relating to the offered securities has been declared effective by the SEC. The public offering will be made available by means of a prospectus which, when available, may be obtained by writing or calling the prospectus department at Imperial Capital, LLC, Prospectus Department, 2000 Avenue of the Stars, 9th Floor, South Tower, Los Angeles, CA 90067 or Ladenburg Thalmann & Co. Inc., 520 Madison Avenue, 9th Floor, New York, New York 10022.
According to Reuters, "FriendFinder's revenue grew about 6 percent to $346 million last year, while its net loss per share increase by 14 cents to $3.14 per share."
