Ellie Mae To Offer 3M Shares Of Common Stock

Posted by Orb Staff on June 25, 2012 No Comments
Categories : Residential Mortgage

11856_elliemae Ellie Mae To Offer 3M Shares Of Common Stock Ellie Mae, a Pleasanton, Calif.-based provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, has announced that it intends to offer 3 million shares of its common stock. In addition, Ellie Mae expects to grant the underwriters a 30-day option to purchase an additional 465,245 shares of common stock to cover over-allotments, if any. Â

According to the company, certain of Ellie Mae's directors and executive officers also intend to offer 101,638 shares of common stock. Ellie Mae intends to use the net proceeds from this offering for working capital and general corporate purposes, which may include the acquisition of, or investment in, technologies, solutions or businesses that complement the company's business.Â

Ellie Mae will not receive any proceeds from the sale of common stock by the selling stockholders. William Blair & Co. LLC and JMP Securities LLC are acting as joint book-running managers of the offering; Needham & Co. LLC, Oppenheimer & Co. Inc., D.A. Davidson & Co. and Wunderlich Securities Inc. are acting as co-managers of the offering.

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