Hanger Orthopedic Group, Austin, Texas, announced the public offering of 2,000,000 shares of its common stock by Ares Corporate Opportunities Fund, at a public offering price of $20 per share, pursuant to an effective registration statement that was previously filed with the Securities and Exchange Commission (SEC). The transaction is expected to close on December 15, 2010.
The shares sold were a portion of the currently outstanding shares issued to Ares in August 2008 in connection with the conversion of all of Hanger’s Series A Convertible Preferred Stock into common stock. Upon completion of this public offering, the overall number of outstanding shares of Hanger stock will be unchanged. Hanger will not receive any proceeds from this transaction.
