Stephen Wiehe, chief executive officer at SciQuest (Nasdaq: SQI), will be in the media spotlight today on Wall Street – in more ways than one.
First, at 9:30 a.m., Wiehe rang the opening bell on the Nasdaq exchange – a daily tradition that is televised globally each business day.
Second, but more importantly for SciQuest shareholders, Weihe is getting a lot of media attention for the company’s latest financial moves.
SciQuest, which provides e-procurement services for clients worldwide, is looking to raise $15 million through a new stock offering.
Investors in SciQuest who backed the company’s recent transition from private to public, are looking to cash out a good bit of their holdings through the same offering.
On Thursday, SciQuest disclosed plans to sell 4.7 million shares at a price of $14.25 each.
Of those shares, 1 million are held by the company. The others belong to investors.
SciQuest shares closed at $14.52 on Thursday and traded down 1.5 percent at $14.30 in late-morning trading Friday.
SciQuest said it hopes to net $12.9 million of the $15 million it raises for the 1 million shares. The proceeds could be used for acquisitions, the company said.
The underwriters of the offering also have a 30-day option to sell another 707,000 shares.
SciQuest went public for the second time as a company last September. Among its investors is Intersouth Partners, which is based in Durham.
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