Rocky Brands, Inc. (NASDAQ:RCKY) has announced a public offering of 1,800,000 shares of common stock. The shares are being offered at a price of $8.40 per share. The underwriters have been granted the option to purchase an additional 270,000 shares to cover over-allotments, if any. The offering will be closed on May 14, 2010. Rocky Brands expects the net proceeds of the offering to total $14.1 million after the deduction of underwriting discounts and commissions. The proceeds will be used to repay the company’s long term debt.
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Rocky Brands, Inc. (Rocky Brands) is a designer, manufacturer and marketer of footwear marketed under a portfolio of brand names including Rocky, Georgia Boot, Durango, Lehigh, Mossy Oak, Michelin and Dickies. Its products are distributed through three distinct business segments: wholesale, retail and military. In its wholesale business, it distributes its products through a range of distribution channels representing over 10,000 retail store locations in the United States and Canada. Its wholesale channels vary by product line and include sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores and other specialty retailers. Its retail business includes direct sales of its products to consumers through its Lehigh Outfitters mobile and retail stores, its Rocky outlet store and its Websites. It also sells footwear under the Rocky label to the United States military.
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