Finance History | Nasdaq MarketSite — Thirteen Dollars a Unit and a Warrant
· 2001-5
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Finance History | Nasdaq MarketSite — Thirteen Dollars a Unit and a Warrant
kevin
People treat Axon as a Scottsdale public-safety software campus that prints under AXON.
The listed company was TASER International, a Scottsdale weapons shop that sold units into a dead IPO market.
The prospectus dated 8 May 2001 offered 800,000 units at 13 dollars each. Each unit was one and one-half common shares and one and one-half redeemable public warrants.
Gross proceeds were 10.4 million dollars in 2001 currency. After the underwriting discount the company recorded 9,568,000 dollars.
Paulson Investment Company of Portland took the deal to the Nasdaq SmallCap Market under the symbols TASRU, TASR, and TASRW.
Company-histories.com records that more than 400 U.S. companies went public in 2000 and only 91 in 2001. Tom Smith later said brokers had to be pulled from under desks.
The mechanism is a unit offering: the warrant was the sweetener that let a loss-making maker of conducted-energy weapons clear a closed new-issue window.
AIR TASER had been incorporated in September 1993 and renamed TASER International in 1998. The parent took the name Axon Enterprise in 2017.
The pin is the Times Square MarketSite board where the successor ticker still prints. The operating campus is 17800 North 85th Street, Scottsdale.
Photo: ajay_suresh, 20 September 2021, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite, Times Square.
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