Sears to Get $346.5 Million from Sears Hometown Rights Offering
October 9, 2012,
HOFFMAN ESTATES, Ill.-Sears Holdings said it expects to receive about $346.5 million from the rights offering for the separation of Sears Hometown and Outlet Stores, which expired yesterday.
Sears Holdings had announced in February its intention to separate Sears Hometown and Outlet businesses from the parent company through the offering, which would distribute rights to purchase shares in the newly formed Sears Hometown and Outlet Stores. The parent company said it expects to distribute 23.1 million shares of common stock in the new concern as a result of the offering.
Sears Hometown also expects that its common stock will begin trading on the Nasdaq Capital Market under the symbol SHOS on Oct. 12.