Boston Omaha Corporation (NASDAQ: BOMN) has announced the closing of its previously announced underwritten public offering of its Class A common stock, par value USD 0.001 per share (“Class A common stock”), at a price to the public of USD 16.00 per share, for a total of 3,680,000 shares, including 480,000 shares issued as a result of the underwriters´ exercise in full of their over-allotment option, resulting in total gross proceeds to Boston Omaha from the offering of approximately USD 58.9 million, the company said.
Wells Fargo Securities and Cowen acted as joint lead book-running managers for the offering.
Boston Omaha is raising capital to fund the expansion of its recently acquired fiber-to-the-home broadband telecommunication business, to grow its Link billboard business through the acquisitions of additional billboard businesses, and for general corporate purposes. The Company has no current agreements, commitments or understandings for any specific acquisitions at this time.
Boston Omaha Corporation is a public holding company with three majority owned businesses engaged in outdoor advertising, surety insurance and broadband telecommunications services. The Company also maintains minority investments in a bank, a national residential homebuilder and commercial real estate services businesses.