Stran Becomes A Publicly Traded Company
Quincy, Massachusetts-based distributor Stran & Company, Inc. (PPAI 161542, D10) has announced an initial public offering; it will trade on the Nasdaq under the symbol “STRN.” The offering is expected to close on or around November 12, subject to satisfaction of customary closing conditions.
Commenting about the news on LinkedIn, Andy Shape, president and CEO of Stran, said, “This is an incredible testament to the outstanding team at Stran! I am exceptionally proud of what we have all built together and I’m incredibly excited about the potential this unlocks for us. Thank you everyone—employees, family, customers, partners and suppliers—who helped us achieve this milestone!”
The distributor’s announced offering of 4,337,349 units—each consisting of one share of common stock and a warrant to purchase one share of common stock—at a public offering price of $4.15 per unit, will generate gross proceeds of approximately $18 million, according to a news release.
Each unit in Stan’s offering will immediately separate into one share of common stock and one warrant. Each warrant permits the holder to purchase one share of common stock at an exercise price of $5.1875 and expires five years after the date of issuance. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 650,602 shares and/or warrants to purchase up to 650,602 shares of common stock, in any combinations thereof, at the public offering price per security.
The company has received approval to list its common stock and warrants on the Nasdaq Capital Market, with its common stock trading under the symbol “STRN” and the warrants trading under the symbol “STRNW,” with trading that began on November 9.