Geneva Steel has filed a registration statement for a public offering of 2.325 million shares of the company's Class A common stock.
Geneva said all of the shares are being sold by the Federal Deposit Insurance Corp., Benefit Capital Management Corp. and Boettcher & Co. Inc., as selling stockholders.The selling stockholders have granted the underwriters an option for 30 days to purchase up to an additional 211,781 shares solely to cover overallotments.
The company said neither Geneva nor its management will sell shares in the offering and Geneva will not receive any of the proceeds from the sale of shares in the offering.
The offering is being managed by Merrill Lynch Capital Markets, PaineWebber Inc. and Salomon Brothers Inc.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.