Marchex (MCHX) sold and additional 5,714,000 shares of Class B stock at $10.50 a share.
About half of the shares were sold by the company and the other half were sold by shareholders.
As for the $30 Million that Marchex is keeping it “intends to use the net proceeds of the offering for general corporate purposes, which may include acquisitions or licenses of, or investments in, products, services, technologies or other businesses.”
“Marchex will not receive any of the proceeds from the sale of shares by the selling shareholders.”
Shares of Marchex which traded as low as $10.38 closed on Friday at $10.64.
Marchex’s 52 week high is $12.84
Marchex has a market cap of $390 million.