Color Kinetics’ initial public offering of 4 million shares began trading on the Nasdaq National Market on June 22, 2004, under the symbol CLRK. The common stock opened at $10 per share. The managing underwriters of the offering are CIBC World Markets and Needham & Company; Friedman, Billings, Ramsey & Company and ThinkEquity Partners are acting as joint lead managers. Color Kinetics has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock to cover over-allotments, if any.
According to Securities and Exchange Commission regulations, until the company’s second quarter earnings are reported on August 6, Color Kinetics is not able to comment regarding its decision to take the company public. As of market close on July 27, 2004, the stock was trading at $9.11 a share. A|L