Oxford, MS 5/24/2011 (PennyPayDay) -- Identive Group, Inc. (Nasdaq:INVE), a provider of products, services and solutions for the security, identification and RFID industries, today announced, in a press release, that it has priced its underwritten public offering in the United States of 7,843,137 shares of its common stock at a price to the public of $2.55 per share. The gross proceeds to Identive, before underwriting discounts and commissions and other offering expenses, from the sale of the shares is expected to be approximately $20,000,000.Cowen and Company, LLC and Morgan Joseph TriArtisan LLC are underwriters and joint book-running managers for the public offering. Identive also granted the underwriters a 30-day option to purchase up to 1,176,470 additional shares to cover over-allotments, if any. If the underwriters exercise their over-allotment option in full, gross proceeds from the offering, before underwriting discounts and commissions and other offering expenses, will be approximately $23,000,000.
The offering is expected to close on May 27, 2011, subject to customary closing conditions. Identive intends to use the net proceeds it receives from the offerings to fund continued growth, acquisitions, working capital and general corporate purposes.
Identive shares offered in the underwritten offering will be issued pursuant to an effective shelf registration statement that was previously filed with the SEC and was declared effective on May 3, 2011.
Identive Group is an international technology company focused on building the world's signature group in secure identification-based technologies.
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