comScore, Inc. (NASDAQ:SCOR) has only been public since June of this year, and it is and insiders are already tapping the public markets for cash. In a filing this morning comScore filed to sell 6,052,453 shares in a secondary offering. Of the shares being sold, only 1,344,809 shares of common stock are coming from the company itself and selling stockholders are selling 4,707,644 shares. That number is too skewed to be that well received by the market.
This should take this one off anyone’s radar that was hoping for a buyout in the near future, and this will take care of the status on our own 24/7 Wall St. Small Cap Internet Watch List as any sort of potential buyout target any time in the near future. The underwriting group is huge: Credit Suisse, Deutsche Bank, Jefferies, William Blair, Friedman Billings Ramsey, Needham, ThinkEquity, and Signal Hill.
We have screened this and reviewed it for our own Special Situation Investing Newsletter and for our "Old Media/New Media" letter, but this one won’t be under review for a while now.
comScore’s ratings and rankings have become quite popular on WallStreet and on Silicon Valley’s Main Street. But this is accessing thecapital markets too soon. comScore closed at $28.74 yesterday, and the52-week trading range is $19.70 to $42.00. Shares are down over 1.5%at the open in reaction.
Jon C. Ogg
November 21, 2007
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