Napco Security falls as CEO slashes stake in secondary offering

NAPCO Security Technologies

06/03/2024 13:46

** Shares of Napco Security Technologies Inc  NSSC.O  down
8.8% at $40.19 premarket after chief executive more than halves
stake in secondary offering
    ** Electronic security device and fire alarm systems
provider late Tues announced pricing of 2 mln shares sold by CEO
Richard Soloway at $40.75
    ** Offering price represents 7.6% discount to stock's last
sale
    ** Soloway held 3.77 mln shares for 10.2% stake prior to the
offering, per the SEC prospectus filing
    ** NSSC shares have risen ~29% YTD through Tues close
    ** On Aug 21, stock plunged 45% to $21.11 after co
determined a material weakness existed in internal controls and
restated its financials for the first three qtrs of 2023
    ** Needham and TD Cowen are jt bookrunners for secondary
offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))