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Jax Daily Record Wednesday, Oct. 17, 201809:42 AM EST

SharedLabs reduces IPO

The Jacksonville-based IT company wants to sell 1 million shares, down from 2.5 million.
by: Mark Basch Contributing Writer

SharedLabs Inc. is reducing the size of its planned initial public offering, according to an updated registration statement filed last week with the Securities and Exchange Commission.

The Jacksonville-based IT services company previously filed plans to sell up to 2.5 million shares at $5 to $7 each, but last week's filing said it now plans to sell 1 million new shares at the same price range.

In addition, current investors in the company intend to sell about 1.14 million existing shares in the IPO.

The largest outside stockholder, investment firm Race Holdings LLC, plans to sell 675,000 of its 2.125 million shares, reducing its stake from 24.5 percent to 16.7 percent.

SharedLabs CEO Jason Cory is the largest stockholder with 2.55 million shares, or 31.9 percent.

With the reduced number of new shares, SharedLabs would receive net proceeds of about $4.9 million after expenses if the 1 million shares are sold at the midpoint of the price range, the company said in last week's filing.

It had previously estimated proceeds of $13.6 million if it sold 2.5 million shares.

SharedLabs recently moved its headquarters to the Dyal-Upchurch Building at 6 E. Bay St. Downtown with the help of $100,000 in incentives approved in July by the Jacksonville City Council. The company promised to create 107 new jobs as part of its incentives application.

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