Cathay General (CATY) Announces 7.6M Common Stock Offering
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Cathay General Bancorp (NASDAQ: CATY) today announced that it priced an offering of 7,614,571 shares of its common stock at an initial price to the public of $9.25 per share, or $70.4 million in aggregate gross proceeds. The closing is expected to occur on or about October 19, 2009.
The Company expects to use the net proceeds of the offering for general corporate purposes and, subject to regulatory requirements, may use some or all of the net proceeds of the offering for acquisitions.
The Company has granted the underwriter a 30-day option to purchase up to an additional 1,142,185 shares of its common stock to cover over-allotments, if any. BofA Merrill Lynch is acting as sole bookrunner for the offering.
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