| Deal Description | Daylin, Inc., did not receive any part of the proceeds from the sale of the 280,000 shares being acquired by the underwriters from the selling stockholders. Of the 1,000,000 shares being offered, Daylin received the net proceeds from its sale of 720,000 shares. The company used a portion of the proceeds to repay revolving borrowings, incurred primarily to finance new retail locations. The balance was to be available for general corporate purposes. The company expected an expansion program that included ten additional home improvement centers, approximately twenty additional apparel shops and health and beauty aid stores, two additional drug stores, and a warehouse in Vancouver, Canada. In addition, the company was negotiating to purchase certain medical and surgical equipment lease and sale operations and ten hospital pharmacies. |
|---|
