Printcafe Files Another Amendment, Biggest Shareholders Want More
Press release from the issuing company
June 17, 2002 -- (WhatTheyThink.com) -- Printcafe Software filed another amendment to their S1 filing on Friday. It states that insiders and the company’s large shareholders could own up to 85% of the company, up from around 80%. The filing says that these shareholders are interested in buying up to 2.97 million of the 4.2 million shares offered. In their previous filing on May 31st, Printcafe said that as many as 2.5 million shares were spoken for.
There was no change in the potential amount to be raised from the last filing which is around $35 million. Creo may purchase as many as 370,000 of the shares, which gives the prepress vendor a 30.2% stake in Printcafe.
The filing says that Printcafe will pay half of the $23.6 million it borrowed from Creo in December of 2001. Printcafe will pay the rest back by January 2, 2004. The offering is expected to give the company enough cash for 12 months.
Earlier this month, we reported a positive trend in expenses and revenue in Printcafe’s first quarter 2002. Compared with the same period in 2001, revenues were up 22.5% and operating expenses dropped 30.5%. But as of March 31, 2002, the company had cash and cash equivalents of $3.678 million.
Underwriters have been watching the market closely and “came very close” to pricing the IPO on different occasions in May. Recent conversations with sources close to the effort say the unpredictable market conditions will most likely push the filing out to the end of June at the earliest.
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