AMITYVILLE, N.Y., March 5,
2024 /PRNewswire/ -- NAPCO Security Technologies,
Inc. (NASDAQ: NSSC) (the "Company"), one of the leading
manufacturers and designers of high-tech electronic security
devices, wireless recurring communication services for intrusion
and fire alarm systems as well as a leading provider of school
safety solutions, announced today the pricing of the previously
announced underwritten secondary public offering of 2,000,000
shares of its common stock at an offering price to the public of
$40.75 per share (the "Offering").
The shares are being sold by the Company's Chairman of the Board
and President and Chief Executive Officer, Richard L. Soloway (the "Selling Stockholder").
Additionally, the Selling Stockholder has granted the underwriters
a 30-day option to purchase from the Selling Stockholder up to an
additional 300,000 shares of common stock at the public offering
price. The Offering is expected to close on March 8, 2024, subject to customary closing
conditions.
The Company is not issuing or selling any shares of common stock
in the Offering and therefore will not receive any of the proceeds
from the sale of common stock in the Offering by the Selling
Stockholder.
Needham & Company and TD Cowen are acting as joint
book-runners for the offering, and D.A. Davidson & Co. is
acting as the lead manager for the offering.
The securities described above are being offered by the Selling
Stockholder pursuant to an effective registration statement on Form
S-3ASR (File No. 333-277663) previously filed by the Company with
the Securities and Exchange Commission (the "SEC") and which became
automatically effective on March 5,
2024. The securities are being offered only by means of a
prospectus. A copy of the preliminary prospectus supplement and the
accompanying prospectus relating to and describing the Offering was
filed with the SEC. You may obtain copies of these documents free
of charge by visiting the SEC website at www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement, the
accompanying prospectus and, when available, the final prospectus
supplement may be obtained by contacting: Needham & Company,
LLC, 250 Park Avenue, 10th Floor, New
York, NY 10177, Attn: Prospectus Department,
prospectus@needhamco.com or by telephone at (800) 903-3268 or Cowen
and Company, LLC, 599 Lexington Avenue, 25th Floor, New York, NY 10022, by email
Prospectus_ECM@cowen.com or by telephone at (833) 297-2926.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the leading
manufacturers and designers of high-tech electronic security
devices, wireless recurring communication services for intrusion
and fire alarm systems as well as a provider of school safety
solutions. The Company consists of four Divisions: NAPCO, plus
three wholly-owned subsidiaries: Alarm Lock, Continental
Instruments, and Marks USA.
Headquartered in Amityville, New
York, its products are installed by tens of thousands of
security professionals worldwide in commercial, industrial,
institutional, residential and government applications. NAPCO
products have earned a reputation for innovation, technical
excellence and reliability, positioning the Company for growth in
the multi-billion dollar and rapidly expanding electronic security
market. For additional information on NAPCO, please visit the
Company's website at www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, but are not limited to,
statements relating to the closing of the secondary public offering
and the exercise of the option to purchase additional shares.
Actual results, performance or achievements could differ materially
from those anticipated in such forward-looking statements as a
result of certain factors, including those risk factors set forth
in the Company's filings with the SEC, such as our annual report on
Form 10-K and quarterly reports on Form 10-Q. Other unknown or
unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ
materially from those in the forward-looking statements. Although
we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance, or achievements. You should not
place undue reliance on these forward-looking statements. All
information provided in this press release is as of today's date,
unless otherwise stated, and the Company undertakes no duty to
update such information, except as required under applicable
law.
Contact(s)
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office: 800-645-9445 x 374
Mobile: 516-404-3597
Email: fokoniewski@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.