MarketAxess (MKTX) Moves Higher After Pricing 3.6M Offering at $30.50/Share
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MarketAxess Holdings Inc. (Nasdaq: MKTX) shares are popping following the pricing if its secondary offering for 3,597,333 shares of MarketAxess Holdings common stock. The offering was priced at $30.50 per share.
Shares are up over 4 percent on the session.
The price was just about in-line with MarketAxess' closing price of $30.53 on Wednesday.
The selling stockholders are affiliates of J.P. Morgan Chase & Co. The Company will not receive any of the proceeds of the offering. The closing of the offering is expected to occur on February 28, 2012, subject to the satisfaction of customary closing conditions.
In addition, the Company has entered into an agreement with the selling stockholders to repurchase 1,821,730 shares of MarketAxess Holdings non-voting common stock at the price per share in the offering less the underwriting discount, contingent on the consummation of the offering. After the offering and the share repurchase, the selling stockholders will no longer hold shares of common stock in the Company.
Shares are up over 4 percent on the session.
The price was just about in-line with MarketAxess' closing price of $30.53 on Wednesday.
The selling stockholders are affiliates of J.P. Morgan Chase & Co. The Company will not receive any of the proceeds of the offering. The closing of the offering is expected to occur on February 28, 2012, subject to the satisfaction of customary closing conditions.
In addition, the Company has entered into an agreement with the selling stockholders to repurchase 1,821,730 shares of MarketAxess Holdings non-voting common stock at the price per share in the offering less the underwriting discount, contingent on the consummation of the offering. After the offering and the share repurchase, the selling stockholders will no longer hold shares of common stock in the Company.
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