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Google Serving New Stock Offering
By David Utter
Expert Author
Article Date: 2005-09-14
After the market's close on September 14, Google will price shares and begin selling new stock on Thursday.
The "general corporate purposes" secondary stock sale to be held by Google will get its initial price point after the market closes in New York, according to Reuters. Sales will begin on Thursday.
Google announced the sale last month. Sites devoted to following the tech industry, especially those focused on search engines, have been speculating wildly and frequently about the potential use Google may have for an extra $4 billion, the anticipated amount they should see from the sale.
Shares of Google started trading last year at $85. This morning the price was $309.51 on NASDAQ. Google has traded as high as $317.80, according to the report. The lofty heights that its price has reached have led to speculation the offering could be intended to cool down the stock price.
Google insiders, such as founders Larry Page and Sergey Brin, and CEO Eric Schmidt, have sold off more than 11.8 million shares of Google stock in the past twelve months, according to research provided by the Wall Street Journal. No public stock has been bought back by Google insiders during that time.
About the Author:
David Utter is a staff writer for WebProNews covering technology and business. Email him here.
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