PFSweb Completes $8 Million Capital Raise
May 28 2010 - 4:30PM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), an international business
process outsourcing services provider of end-to-end web commerce
solutions and an online discount retailer, today announced that it
has completed the previously announced public offering of 2 million
shares of its common stock at a price of $3.50 per share to the
public. PFSweb also announced that the underwriters in the offering
have exercised their option to purchase an additional 300,000
shares to cover over-allotments in full, resulting in a total sale
to the public of 2.3 million shares of common stock.
The company expects to receive net proceeds of approximately
$7.3 million from the offering and exercise of the overallotment,
after deducting underwriting discounts and commissions and
estimated expenses of the offering. PFSweb will use the net
proceeds for general corporate purposes, including acquiring or
investing in businesses, products or technologies.
Craig-Hallum Capital Group acted as the lead underwriter for the
offering. Stonegate Securities acted as co-manager for the
offering. Copies of the electronic prospectus and the prospectus
supplement are available on the Securities and Exchange
Commission’s website at www.sec.gov.
This press release does not constitute an offer to sell these
securities or a solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About PFSweb, Inc.
PFSweb develops and deploys comprehensive end-to-end eCommerce
solutions for Fortune 1000, Global 2000 and brand name companies,
including interactive marketing services, global fulfillment and
logistics and high-touch customer care. The company serves a
multitude of industries and company types, including such clients
as P&G, LEGO, AAFES, Riverbed, InfoPrint Solutions Company (a
joint venture company owned by Ricoh and International Business
Machines), Hawker Beechcraft Corp., Roots Canada Ltd. and
Xerox.
Through its wholly owned eCOST.com subsidiary, PFSweb also
serves as a leading multi-category online discount retailer of
high-quality new, "close-out" and manufacturer recertified
brand-name merchandise for consumers and small to medium size
business buyers. The eCOST.com brand markets approximately 275,000
different products from leading manufacturers such as Sony,
Hewlett-Packard, Denon, JVC, Canon, Nikon, Panasonic, Toshiba,
Microsoft, Dyson, Kitchen Aid, Braun, Black & Decker,
Cuisinart, Coleman, and Citizen primarily over the Internet and
through direct marketing.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the
company's websites at http://www.pfsweb.com and http://www.ecost.com.
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