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Press Release: December 8, 1999 Andover.Net Announces Initial Public Offering of 4,000,000 Shares
ACTON, Mass., December 8, 1999— Andover.Net, Inc. (ANDN) today announced the initial public offering of 4,000,000 shares of Andover.Net common stock at a public offering price of $18.00 per share. All 4,000,000 shares were offered by Andover.Net. The offering was underwritten by WR Hambrecht + Co, Advest, Inc. and DLJdirect Inc. through WR Hambrecht + Co’s proprietary OpenIPO system. Andover.Net has granted the underwriters an option, exercisable within the next 30 days, to purchase an additional 600,000 shares solely to cover over-allotments. The clearing price of Andover.Net’s common stock, as determined through WR Hambrecht’s OpenIPO auction process, was $24 per share, above the revised filing range of $15 to $18 per share. The Company raised $72 million in gross proceeds; $18 million more than at the mid-point of the initial filing range of $12 to $15 per share. Andover.Net elected to set the public offering price at $18, which was below the clearing price. Andover.Net is the first company to activate this feature of the OpenIPO process. Andover.Net is a leading Linux/Open Source Internet destination with a total of over 2 million users and over 40 million page impressions on a monthly basis. Its network of Web sites provides an independent, unbiased source for content, community and commerce for the Linux/Open Source communities. Andover.Net properties include Slashdot (slashdot.org), a Web site for Linux/Open Source news, community comments and resources and Freshmeat (freshmeat.net), a downloadable Linux software application repository. Copies of the final prospectus relating to this offering may be obtained when available by contacting WR Hambrecht + Co at http://www.openipo.com, by contacting WR Hambrecht + Co in writing at 555 Lancaster Avenue, Suite 200, Berwyn, PA 19312 or by calling toll free 1-877-673-6476. Copies of the final prospectus may also be obtained by contacting Advest, Inc. in writing at 100 Federal Street, 29th Floor, Boston, MA 02110, or by calling (800) 659-2678 x2390. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Andover.Net’s limited operating history; the expectation that Andover.Net will incur substantial losses in the future; Andover.Net’s reliance on Linux/Open Source community; Andover.Net’s heavy reliance on advertising revenues; intense competition and other risks listed in the Registration Statement. Further information regarding these and other risks is included in Andover.Net’s S-1 registration statement. Andover.Net is a trademark of Andover.Net. |