Napco Security slips as CEO, CFO sell shares in offering

NAPCO Security Technologies

09/02/2023 14:57

** Napco Security Technologies Inc's  NSSC.O  shares down
4.4% at $32.72 after secondary offering prices
    ** Electronic security device maker late Weds said 2.1 mln
shares sold by CEO Richard Soloway and CFO Kevin Buchel
 urn:newsml:reuters.com:*:nPn69W2Lfa
    ** Offering price of $31.50 represents 8% discount to
stock's last close
    ** Sales comes after co early Mon posted Q2 earnings beat,
citing strong demand for its Starlink radios, Alarm Lock, Marks
locking products and Continental access control systems
    ** Co has ~37.75 mln shares outstanding, per Refinitiv
    ** With move on the session, NSSC up 62% over the past year.
Stock hit record high of $36.78 on Mon
    ** Needham and William Blair jt bookrunners for 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))