GTT price the public offering of 3 million shares of common stock at $7.75 a share. The company also granted the underwriters of the offering an option to buy up to an additional 450,000 shares of common stock to cover over-allotments.
GTT expects to see net proceeds of $21.5 million from the offering after deducting underwriter discounts and other expenses. The company will use the proceeds for general corporate purposes.
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"GTT Communications, Inc., formerly Global Telecom & Technology, Inc., is a global network integrator providing a portfolio of Wide-Area Network (WAN), dedicated Internet access and managed data services. The Company combines multiple networks and technologies, such as traditional OC-x, MPLS and Ethernet, to deliver solutions designed for each client's requirements. It improves its client performance through its Client Management Database (CMD), providing customers with an integrated support system for all of their services. The Company is provides solutions, project management and 24x7 global operations support. In May 2012, the Company acquired nLayer Communications Inc. In April 2013, Neutral Tandem Inc acquired the global data services business of Global Telecom & Technology Inc."