Netscape announces stock sale

Netscape has announced the public offering of over 5 million shares of common stock.

As expected, Netscape has announced the public offering of over 5 million shares of common stock.

In late October, the company filed a statement with the Securities and Exchange Commission to sell approximately 2 million shares directly to the public and to allow its "Series C" investors -- corporations owning large amounts of shares -- to sell about 3 million shares. This latest announcement follows through on that plan.

Netscape says that 5.6 million shares of its stock is now available. Of those shares, 2.25 million are being sold directly by Netscape and 3.35 million are being sold by Series C investors. Some of the big investors selling their Netscape stock include Telecommunications (TCI), which will sell 1 million of its 1.8 million shares, and Adobe, which will sell 889,000 shares, according to Netscape.

Prior to the statement filed with the SEC, the involved Series C investors were restricted from selling their stock under a written provision, according to Netscape. The original statement called for the sale of approximately 5 million shares, with Netscape's underwriters being granted the right to buy 840,000 additional shares to cover "over-allotments", or excessive demand for the stock.

Netscape stock, which is traded on the Nasdaq market, closed yesterday at US$54.75, up $1 from the day before.

Netscape is on the World Wide Web at http://www.netscape.com.

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