Finance History | Nasdaq MarketSite — Nine Dollars for a Secondary Book the Company Did Not Sell
· 2005-2
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Finance History | Nasdaq MarketSite — Nine Dollars for a Secondary Book the Company Did Not Sell
kevin
People treat Nasdaq as a Times Square market house that always printed NDAQ after a finished Nasdaq book.
The February 2005 issuer was The Nasdaq Stock Market, Inc., whose restricted shares the NASD had placed privately in 2000 and whose common had since traded on the OTC Bulletin Board under NDAQ.
The company's investor FAQ records that those trading restrictions expired in 2002 and that on 9 February 2005 Nasdaq listed the same common on The Nasdaq Stock Market after a secondary offering priced at 9.00 U.S. dollars a share in 2005 dollars.
The final prospectus filed that month states that selling stockholders offered 17,246,536 shares at that 9.00 U.S. dollar price, that the company received none of the proceeds, and that the last OTC Bulletin Board sale on 9 February 2005 was 9.71 U.S. dollars.
The same prospectus records approval to quote the common on the Nasdaq National Market under NDAQ at the start of the offering.
The mechanism is a selling-stockholder secondary that moved an already-traded over-the-counter book onto the Nasdaq National Market tape, not a primary cash raise by the exchange itself.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that first printed its own operator.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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