New York City-based Internet ad network DoubleClick Inc., which has seen its stock soar since the first of the year, said that its board of directors has approved a 2-for-1 stock split.
The split will be in the form of a stock dividend for common stockholders of record as of March 22, payable on April 2.
DoubleClick closed yesterday at 106 7/16, down 4 11/16. Its 52-week high is 123.46; low is 13 1/2.
The company also said it plans to raise approximately $150 million through the sale of convertible subordinated debentures in a private placement under Rule 144A of the Securities Act of 1933, as amended.
In addition, DoubleClick will grant the initial purchasers an option to buy additional debentures to cover any over-allotments. The debentures will be convertible, at the option of the holder, into shares of DoubleClick’s common stock at a conversion price to be determined.
Proceeds will be used for general corporate purposes, including working capital, for the expansion of international operations and sales and marketing capabilities, and for product development, the company said.
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