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NAPCO Security Technologies, Inc. (NASDAQ: NSSC) announced today that its Chairman of the Board and President and Chief Executive Officer, Richard L. Soloway, and Chief Financial Officer and Executive Vice President of Operations, Kevin S. Buchel, intend to offer and sell shares of common stock beneficially owned by them in an underwritten secondary public offering. The Selling Stockholders expect to grant the underwriters a 30-day option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions.
NAPCO is not issuing or selling any shares of common stock in the offering and therefore will not receive any of the proceeds from the sale of the outstanding shares of common stock by the Selling Stockholders, and the offering will not result in dilution to existing stockholders.
Needham & Company, LLC and William Blair & Company, L.L.C. are acting as joint book-runners for the offering.
