Rally plans stock sale worth $70 million
Last Updated: 14:15 July 15, 2013
Boulder-based Rally (NYSE: RALY) expects the stock to come mostly from existing shareholders, although the software company also plans to offer 250,000 new shares, according to a press statement. Rally will not receive any proceeds from the sale of stock by existing shareholders, according to the press statement.
The stock price for the new offering has not been announced. Rally stock was trading at $24.69 per share early Monday afternoon. The company said it also plans the stock offering to help existing stockholders sell stock and to increase the company's public float - the term for the number of shares in the hands of public investors, as opposed to shares held by company executives and other employees. Rally raised $89.8 million in an initial public offering in April.
Rally has grown rapidly since it opened in 2001 and has 380 employees. Growth plans include expanding the company's international presence and pursuing strategic acquisitions, the company said in a separate SEC filing.
Rally reported revenue of $16 million and a net loss of $5.8 million for its most recent quarter, as it invests in future growth. The company is constructing an 89,000-square-foot addition to its 65,545-square-foot corporate headquarters building at 3333 Walnut St.
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