AlphaSmart announces Initial Public Offering

AlphaSmart is running an IPO and its initial public offering of 4.4 million shares of common stock was priced at US$6.00 per share. AlphaSmart has agreed to sell 4.0 million shares and selling stockholders have agreed to sell 400,000 shares. Summit Partners, a private equity and venture capital firm, is one of the selling stockholders. The shares will be listed on the Nasdaq National Market under the symbol ALSM and will begin trading today. In addition, the underwriters will have a 30-day option to purchase up to 660,000 shares of common stock from selling stockholders to cover any over-allotments.

AlphaSmart is a provider of technology solutions for the education market. AlphaSmart's portable computer-companion products are used by students in 7,500 U.S. school districts to enhance writing, keyboarding and comprehension. Based in Los Gatos, California, AlphaSmart was founded in 1992 by former Apple engineers.

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