(Reuters) – Grand Canyon Education Inc (Nasdaq: LOPE) said its share offering was priced at $16.50 a share, at par with the stock’s last closing price.
The company plans to sell 1 million shares and expects to use the proceeds from the sale for working capital, among others.
As part of the offering, 5 million shares are being sold by the company’s largest outside investor Endeavour Capital and the Richardson family, including Executive Chairman Brent Richardson and General Counsel and Director Christopher Richardson.
Grand Canyon said it will not receive any of the proceeds from the sale of common stock by the selling stockholders.
Shares of the company were up 82 cents at $17.32 in morning trade Tuesday on Nasdaq. They touched a high of $17.80 earlier in the session. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Pradeep Kurup)