CEO Richard Soloway prices secondary offering of 2M shares at $40.75 per share

NAPCO SECURITY TECHNOLOGIES, INC

Chairman/CEO Richard Soloway selling 2M shares (plus 300k option) at $40.75/share in underwritten offering.
Company receives no proceeds; all shares sold by Selling Stockholder.
Offering expected to close March 8, 2024; Needham & Co and TD Cowen are joint book-runners.
Underwriters have a 30-day option to purchase up to 300k additional shares from Soloway.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NAPCO SECURITY TECHNOLOGIES, INC entered into Underwriting Agreement with Needham & Company, LLC and Cowen and Company, LLC (effective 2024-03-05).

Action: entry
Agreement: underwriting
Counterparty: Needham & Company, LLC and Cowen and Company, LLC
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, NAPCO Security Technologies, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Needham & Company, LLC and Cowen and Company, LLC (the “Underwriters”) and the Company’s President, Chief Executive Officer and Chairman of the Board of Directors, Richard L. Soloway (the “Selling Stockholder”), relating to the sale by the Selling Stockholder of an aggregate of 2,000,000 shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) owned by the Selling Stockholder in an underwritten secondary public offering, at a price to the public of $40.75 per share.

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Source: SEC EDGAR

accession 0001104659-24-031881

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