Nuance Cuts Stock Offering Size
Burlington, MA-based Nuance Communications (NASDAQ: NUAN), which sells speech and imaging software, announced in a regulatory filing that it planned to cut the number of shares being sold in its secondary public offering of its stock from 15 million to 7 million.
Under its revised plan, the firm will offer 6.8 million shares, down from 9.6 million, while the number of shares offered by shareholder Warburg Pincus and members of Nuance’s management will decrease from 5.4 million to just 227,000 shares.
The company expects net proceeds from the sale of $112.8 million, after deducting commissions and other expenses. The deal is expected to close on December 21.