-- InPhonic Closes IPO of 7,500,000 Shares of Common Stock at $19.00 Per Share --
Washington, D.C. -- November 22, 2004 -- InPhonic, Inc. (Nasdaq: INPC) today announced that it has successfully completed its public offering of 7,500,000 shares of common stock at $19.00 per share. InPhonic offered 6,500,000 shares and certain stockholders offered 1,000,000 shares. Certain stockholders sold an additional 1,125,000 shares of common stock pursuant to the exercise of the underwriters’ over-allotment option.
Net proceeds from the sale of the common stock to the Company were approximately $108.9 million, after underwriting discount and estimated expenses related to the offering. Net proceeds will be used to repay certain debt, pay accrued and unpaid dividends on shares of the Company’s preferred stock, and cover general corporate purposes, including working capital and potential acquisitions. Selling stockholders received net proceeds of approximately $37.5 million, after underwriting discount.
The offering was made through an underwriting syndicate led by Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as Joint Book-runners and Co-Lead Managers. Thomas Weisel Partners LLC, Friedman, Billings, Ramsey & Co Inc., Allen & Company LLC, and Pacific Crest Securities Inc. are co-managers. Copies of the final prospectus may be obtained from Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
Headquartered in Washington, D.C., InPhonic, Inc. (www.inphonic.com) is a leading online seller of wireless services and devices based upon the number of activations of wireless services sold online in the United States. InPhonic sells these services and devices through websites that it creates and manages for online businesses, member-based organizations and associations, and national retailers under their own brands.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be a sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state.
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