ePlus inc. (NASDAQ: PLUS) said it has announced the results of its underwritten public secondary offering of common stock by existing stockholders, as well as the concurrent share repurchase.
The selling stockholders entered into an underwriting agreement to sell 1,573,913 shares to the underwriters named in the underwriting agreement at a price to the public of USD50.00 per share. The selling stockholders in the offering have granted the underwriters an option to purchase up to 236,087 additional shares at the public offering price.
ePlus will not receive any proceeds from the sale of shares by the selling stockholders in this offering, including from any exercise by the underwriters of their option to purchase additional shares. The offering is expected to close May 5, 2014.
Subject to completion of the offering, ePlus will repurchase from the underwriters 400,000 of the 1,573,913 shares of common stock being sold by the selling stockholders. ePlus´ per-share purchase price for the repurchased shares will be the same as the per-share purchase price payable by the underwriters to the Selling Stockholders.
Stifel and William Blair are the joint book running managers, and Canaccord Genuity is the co-lead manager of the offering.
ePlus is a leading integrator of technology solutions. For more information, visit www.eplus.com.