{"id":403098,"date":"2020-12-18T16:33:21","date_gmt":"2020-12-18T21:33:21","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=403098"},"modified":"2020-12-18T16:33:21","modified_gmt":"2020-12-18T21:33:21","slug":"napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/","title":{"rendered":"NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; Option to Purchase Additional Shares from Selling Stockholder"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">AMITYVILLE, N.Y.<\/span>, <span class=\"xn-chron\">Dec. 18, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0NAPCO Security Technologies, Inc. (NASDAQ: NSSC) (&#8220;NAPCO&#8221;), one of the world&#8217;s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school security and safety solutions, announced today that the underwriters of the previously announced underwritten secondary public offering by NAPCO&#8217;s Chairman of the Board, President and Chief Executive Officer, <span class=\"xn-person\">Richard L. Soloway<\/span> (the &#8220;Selling Stockholder&#8221;), have exercised in full the Underwriters&#8217; option to purchase an additional 334,961 shares of common stock of NAPCO from the Selling Stockholder. The initial closing of the secondary public offering occurred on <span class=\"xn-chron\">December 15, 2020<\/span>, in which the Selling Stockholder sold 2,233,071 shares at a public offering price of <span class=\"xn-money\">$26.00<\/span> per share. It is expected that the sale of the Underwriters option shares will close on <span class=\"xn-chron\">December 21, 2021<\/span>, subject to customary closing conditions.<\/p>\n<p>NAPCO is not issuing or selling any shares of common stock in the offering and therefore will not receive any of the proceeds from the sale of common stock being sold in the offering by the Selling Stockholder. Upon completion of the Underwriters&#8217; option closing, the Selling Stockholder will continue to own approximately 20% of the issued and outstanding shares of common stock of NAPCO.\u00a0 <\/p>\n<p>B. Riley Securities, Inc. and Needham &amp; Company, LLC acted as joint book-runners for the offering.<\/p>\n<p>The securities described above are being offered by the Selling Stockholder pursuant to an effective registration statement on Form S-3 (File No. 333-248078) previously filed by the company with the Securities and Exchange Commission (the &#8220;SEC&#8221;) and declared effective by the SEC on <span class=\"xn-chron\">August 24<\/span>, 2020.\u00a0 The securities are being offered only by means of a prospectus. Copies of the preliminary prospectus supplement and the final prospectus supplement, as well as the accompanying prospectus relating thereto, were previously filed with the SEC. You may obtain copies of these documents free of charge by visiting the SEC website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3018669-1&amp;h=682644356&amp;u=https%3A%2F%2Fcts.businesswire.com%2Fct%2FCT%3Fid%3Dsmartlink%26url%3Dhttp%253A%252F%252Fwww.sec.gov%26esheet%3D52223127%26newsitemid%3D20200519005925%26lan%3Den-US%26anchor%3Dwww.sec.gov%26index%3D1%26md5%3Dcb0ea3805845824f0bf4c3779929b4c3&amp;a=www.sec.gov\" rel=\"nofollow noopener noreferrer\">www.sec.gov<\/a>. Alternatively, copies of such prospectuses may also be obtained by contacting: B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, <span class=\"xn-location\">Arlington, Virginia<\/span> 22209, Attn: Prospectus Department, Email: <a target=\"_blank\" href=\"mailto:prospectuses@brileyfin.com\" rel=\"nofollow noopener noreferrer\">prospectuses@brileyfin.com<\/a>, Telephone: (703) 312-9580 or Needham &amp; Company, LLC, 250 Park Avenue, 10th Floor, <span class=\"xn-location\">New York, NY<\/span> 10177, Attn: Prospectus Department, Email: <a target=\"_blank\" href=\"mailto:prospectus@needhamco.com\" rel=\"nofollow noopener noreferrer\">prospectus@needhamco.com<\/a>, Telephone: (800) 903-3268.<\/p>\n<p>This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.<\/p>\n<p>About NAPCO Security Technologies, Inc.<\/p>\n<p>NAPCO Security Technologies, Inc., is one of the world&#8217;s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school safety solutions. The Company consists of four Divisions: NAPCO, plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks <span class=\"xn-location\">USA<\/span>. Headquartered in <span class=\"xn-location\">Amityville, New York<\/span>, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for\u00a0innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company&#8217;s web site at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3018669-1&amp;h=589121656&amp;u=http%3A%2F%2Fwww.napcosecurity.com%2F&amp;a=http%3A%2F%2Fwww.napcosecurity.com\" rel=\"nofollow noopener noreferrer\">http:\/\/www.napcosecurity.com<\/a>.<\/p>\n<p>Safe Harbor Statement<\/p>\n<p>\n        <i>This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management&#8217;s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to the closing of the Underwriters&#8217; option.\u00a0 Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those risk factors set forth in the Company&#8217;s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q.<\/i>\u00a0<i>Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today&#8217;s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.<\/i><\/p>\n<p>Contacts:<br \/><span class=\"xn-person\">Patrick McKillop<\/span><br \/>Director of Investor Relations<br \/>NAPCO Security Technologies, Inc.<br \/>OP: 800-645-9445 x 374<br \/>CP: 516-404-3597<br \/><a target=\"_blank\" href=\"mailto:pmckillop@napcosecurity.com\" rel=\"nofollow noopener noreferrer\">pmckillop@napcosecurity.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA29803&amp;sd=2020-12-18\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder-301196243.html\">http:\/\/www.prnewswire.com\/news-releases\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder-301196243.html<\/a><\/p>\n<p>SOURCE  NAPCO Security Technologies, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA29803&amp;Transmission_Id=202012181630PR_NEWS_USPR_____LA29803&amp;DateId=20201218\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire AMITYVILLE, N.Y., Dec. 18, 2020 \/PRNewswire\/ &#8212;\u00a0NAPCO Security Technologies, Inc. (NASDAQ: NSSC) (&#8220;NAPCO&#8221;), one of the world&#8217;s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school security and safety solutions, announced today that the underwriters of the previously announced underwritten secondary public offering by NAPCO&#8217;s Chairman of the Board, President and Chief Executive Officer, Richard L. Soloway (the &#8220;Selling Stockholder&#8221;), have exercised in full the Underwriters&#8217; option to purchase an additional 334,961 shares of common stock of NAPCO from the Selling Stockholder. The initial closing of the secondary public offering occurred on December 15, 2020, in which the Selling Stockholder sold 2,233,071 shares at a public offering price of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; Option to Purchase Additional Shares from Selling Stockholder&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-403098","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NAPCO Security Technologies Announces Full Exercise of Underwriters&#039; Option to Purchase Additional Shares from Selling Stockholder - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAPCO Security Technologies Announces Full Exercise of Underwriters&#039; Option to Purchase Additional Shares from Selling Stockholder - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire AMITYVILLE, N.Y., Dec. 18, 2020 \/PRNewswire\/ &#8212;\u00a0NAPCO Security Technologies, Inc. (NASDAQ: NSSC) (&#8220;NAPCO&#8221;), one of the world&#8217;s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school security and safety solutions, announced today that the underwriters of the previously announced underwritten secondary public offering by NAPCO&#8217;s Chairman of the Board, President and Chief Executive Officer, Richard L. Soloway (the &#8220;Selling Stockholder&#8221;), have exercised in full the Underwriters&#8217; option to purchase an additional 334,961 shares of common stock of NAPCO from the Selling Stockholder. The initial closing of the secondary public offering occurred on December 15, 2020, in which the Selling Stockholder sold 2,233,071 shares at a public offering price of &hellip; Continue reading &quot;NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; Option to Purchase Additional Shares from Selling Stockholder&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-18T21:33:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA29803&amp;sd=2020-12-18\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; 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(NASDAQ: NSSC) (&#8220;NAPCO&#8221;), one of the world&#8217;s leading manufacturers and service providers of high-tech electronic security devices as well as a leading provider of school security and safety solutions, announced today that the underwriters of the previously announced underwritten secondary public offering by NAPCO&#8217;s Chairman of the Board, President and Chief Executive Officer, Richard L. Soloway (the &#8220;Selling Stockholder&#8221;), have exercised in full the Underwriters&#8217; option to purchase an additional 334,961 shares of common stock of NAPCO from the Selling Stockholder. The initial closing of the secondary public offering occurred on December 15, 2020, in which the Selling Stockholder sold 2,233,071 shares at a public offering price of &hellip; Continue reading \"NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; Option to Purchase Additional Shares from Selling Stockholder\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-18T21:33:21+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA29803&amp;sd=2020-12-18","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/napco-security-technologies-announces-full-exercise-of-underwriters-option-to-purchase-additional-shares-from-selling-stockholder\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"NAPCO Security Technologies Announces Full Exercise of Underwriters&#8217; 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