MAI Basic Four Is Going Public With Stock Offering
MAI Basic Four Inc. has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 5 million shares of common stock. The registration statement proposes an offering price ranging from $17 to $20 per share.
The Tustin-based computer manufacturer said Monday that it will sell 4 million shares and that the remaining 1 million will be sold by a group of 16 current stockholders, including majority owner Bennett LeBow, who owns 5.6 million of the company’s 10.5 million shares of common stock outstanding.
The company’s share of the proceeds will be used for general corporate purposes, including the redemption of the company’s outstanding debentures and preferred stock.
The offering will be underwritten by the securities firms of Drexel Burnham Lambert Inc. and Wertheim & Co. Inc.
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