Cathay General Bancorp (CATY) said it priced an offering of 13.07 million shares of its common stock at an initial price to the public of $8.80 per share, or $115 million in aggregate gross proceeds. The company has increased the size of the offering from the previously announced $100 million to $115 million in aggregate gross proceeds. The closing is expected to occur on or about February 5, 2010.
The company has granted the underwriters a 30-day option to purchase up to an additional 1.96 million shares of its common stock to cover over-allotments, if any.
The company expects to use the net proceeds of the Offering for general corporate purposes.
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