This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stanley Furniture Announces Terms For Rights Offering To Stockholders

Stanley Furniture Company, Inc. (Nasdaq-NGS:STLY) announced today that it has set the terms for its previously announced rights offering.

Under the terms of the rights offering, Stanley Furniture will distribute, at no charge, to the holders of its common stock as of 5:00 p.m., New York time, on November 15, 2010, one transferable subscription right for each share of Stanley Furniture common stock then owned. Each subscription right will entitle the holder to purchase .322226 shares of common stock at a purchase price of $3.00 per share. Assuming the rights offering is fully subscribed, Stanley Furniture currently expects the gross proceeds of the offering to be approximately $10 million.

The rights offering also includes an over-subscription privilege, which entitles a holder 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. If there are not enough unsubscribed shares to honor all requests from the over-subscription privilege, Stanley Furniture may, at its discretion, elect to issue up to approximately 666,600 over-allotment shares to honor requests from the over-subscription privilege. If the over-allotment shares are issued maximum gross proceeds in the offering would be approximately $12 million.

Stanley Furniture also announced that the mailing of offering materials to stockholders is expected to begin on November 17, 2010 and that the subscription period will expire at 5:00 p.m., New York time, on December 8, 2010.

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 subscription period.

Stanley Furniture reserves the right to modify, extend, postpone or cancel the rights offering at any time prior to the closing of the sale of the shares in the offering.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs