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Banking, finance, and taxes

MarketAxess Scores on Cap Raise (MKTX)

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By Douglas A. McIntyre Updated Published
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MarketAxess Holdings Inc. (NASDAQ: MKTX) has raised some $35 million from Technology Crossover Ventures. The financing involves the sale of preferred stock and warrants at a conversion price of $10.00 per share, which is a 34% premium to yesterday’s closing price on a simple basis.

The company also announced that its Board of Directors has adopted a three-year stockholder rights plan designed to protect the long-term value of the Company for its stockholders during any future unsolicited acquisition attempt.

MarketAxess is not as well known as some of the other equity platforms as it is an operator of an electronic trading platform for corporate bonds and for fixed-income securities.  This financing may help the company get its name farther out there.

Shares are actually up 2% on thin volume after the news.  At the end of the March 2008 quarter, the company had some $54.299 million in cash and equivalents and also had an extra $38.77 million listed in "long-term investments."  Prior to any dilution, its market cap was listed as $255 million.

You can join our open email distribution list to hear about other special financings, mergers, IPO’s, secondary offerings, restructurings, and other special situations.

Jon C. Ogg
June 3, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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