PayPal Announces Initial Public Offering
February 14, 2002
PALO ALTO, Calif., Feb. 14 /PRNewswire/ -- PayPal, Inc. today announced
that it priced its initial public offering of 5.4 million shares of its
common stock at $13.00 per share. The company has granted the underwriters
an option to purchase up to an additional 810,000 shares to cover any over-allotments,
Salomon Smith Barney served as bookrunning manager for the offering; Bear,
Stearns & Co. Inc., William Blair & Company, SunTrust Robinson Humphrey
and Friedman Billings Ramsey served as co-managers.
The offering of these securities is made only by means of a prospectus,
copies of which may be obtained from Salomon Smith Barney, Brooklyn Army
Terminal, 140 58th Street, 5th Floor, Brooklyn, NY 11220 (telephone: 718-765-6732).
PayPal enables any business or consumer with email to send and receive online
payments securely, conveniently and cost-effectively. PayPal's account-based
network builds on the existing financial infrastructure of bank accounts
and credit cards to create a global payment system.
PayPal noted that, based on statements recently made by a representative
of CertCo, Inc., PayPal expects CertCo to file a motion seeking a preliminary
injunction against the company, as early as today, in the patent infringement
case that CertCo has brought against the company.
Source: PayPal, Inc.
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