SWS Group: overallotment purchased

AP News
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Posted: Dec 16, 2009 2:24 PM

Investment and financial services company SWS Group Inc. said Thursday that underwriters purchased 652,174 million shares of stock, exercising the full power of their overallotment option.

Accounting for the overallotment, the company sold about 5 million shares during this month's public offer.

Shares were priced at $11.50 each and the overallotment closed Wednesday.

The company has said it plans to use the proceeds from the stock sale for general corporate purposes "and to support continued growth or selective opportunistic acquisitions."

Shares fell 11 cents, or 1 percent, to $11.29 in afternoon trading Wednesday.