Boyds Sells $13.5 Million Worth of Stock in Secondary Offering
STANTON — Taking advantage of a near-doubling of its stock price since going public in September, custom car and motorcycle parts maker Boyds Wheels Inc. said it sold $13.5 million worth of stock Tuesday in a secondary offering.
The unusually quick return to the market--Nasdaq stock exchange officials say secondary stock sales within a year of an initial offering are rare--was prompted by a stock price that had climbed to $12.125 on Monday from $6.25 in September.
Boyds issued 1.2 million shares on Tuesday at $11.25 each. The stock closed at $11.875, down 25 cents from Monday’s record high. The new shares were issued at a lower price because they doubled the amount of stock available for trading, diluting values slightly.
The company issued 971,000 of the shares, netting $10.2 million after commissions and other costs, a spokeswoman said. A group of shareholders including founder Boyd Coddington sold the rest, netting about $2.4 million.
Boyds Wheels makes and markets custom aluminum wheels for the specialty automotive and motorcycle aftermarkets.
The company also markets custom steering wheels, a line of car-care products and customizing parts for Harley-Davidson motorcycles.
