📅 - Telecommunications firm Cogent Communications Group (cogentco.com) announced on Thursday it plans to sell 12 million shares of its common stock in an underwritten public offering. The offering will consist of 4 million shares sold by the company and 8 million shares sold by selling stockholders.
The shares sold by the selling shareholders represent approximately 25 percent of the shares held by Cogent's major investors. The company plans to introduce the offering by the end of the month.
Cogent CEO Dave Schaeffer said that the offering would serve two purposes. "First, it increases the amount of Cogent's common stock available in the public markets, making the common stock more liquid. Second, it provides additional capital for Cogent to pursue its growth strategies, including adding sales force and additional buildings to its network."
The multinational tier 1 ISP provides businesses with high speed Internet access and point-to-point transport services. Cogent's all-optical IP network backbone spans 14 countries and provides IP services in over 95 markets located in North America and Europe.
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