Stanley Furniture Announces Plans For Rights Offering To Stockholders
Stanley Furniture Company, Inc. (Nasdaq-NGS:STLY) announced today that it filed a registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) for a rights offering in which stockholders will receive transferable rights to purchase additional shares of Stanley Furniture common stock, par value $0.02 per share. The rights will be issued to all stockholders as of a record date, which has yet to be determined. The subscription price has also yet to be determined. Stanley Furniture will provide notice of the record date and subscription price in the future at such time as they are determined. Assuming the rights offering is fully subscribed, Stanley Furniture currently expects the gross proceeds of the offering to be approximately $10 million.
The proposed rights offering will also include an over-subscription privilege, which will entitle a stockholder who exercises all of its basic subscription privilege in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription right. In the event the rights offering is over-subscribed, Stanley Furniture may, in its sole discretion, elect to offer a number of additional shares to fulfill over-subscription requests such that the maximum gross proceeds in the offering would be approximately $12 million.
The number of shares that each stockholder will be able to purchase will depend on the market price of Stanley Furniture’s stock when the subscription price is determined. The offering is expected to commence in September depending on the time required to have the registration statement for the shares and rights declared effective by the SEC.
The shares issued in connection with the rights offering will be listed on the Nasdaq Global Select Market, and the rights are expected to trade on the Nasdaq Global Select Market until the day before the expiration of the offering period. The offering period is expected to be approximately 25 days.
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