[privacy] VeriChip to Sell 4.3M Shares in IPO

["Richard M. Smith" <rms () computerbytesman com>]

http://biz.yahoo.com/ap/070122/verichip_ipo.html?.v=1
 
VeriChip to Sell 4.3M Shares in IPO

Monday January 22, 4:10 pm ET 
        
Applied Digital Unit VeriChip to Sell 4.3 Million Shares in Upcoming IPO 


NEW YORK (AP) -- VeriChip Corp., a unit of Applied Digital Solutions Inc.,
on Monday said it plans to offer 4.3 million shares priced between $6.50 to
$8.50 in its upcoming initial public offering. 

At $7.50 each -- the midpoint of its predicted range -- that would yield
proceeds of roughly $26.9 million, after deducting underwriting discounts
and commissions. 


VeriChip is being spun off from the maker of identification and security
technology, and will be headed by Scott R. Silverman, who was previously
chief executive of Applied Digital. 


The company has applied to have its stock listed on the Nasdaq Global Market
under the ticker "CHIP," it said in an amended Form S-1 filed with the
Securities and Exchange Commission. 


Underwriters are Merriman Curhan Ford & Co., C.E. Unterberg, Towbin and
Kaufman Bros., and are allowed to buy up to 645,000 additional shares to
cover over allotments. 


VeriChip makes wearable and implantable identification and locating devices,
which use radio frequencies. The company also makes other health care items
and vibration monitoring instruments. 


The locating devices are primarily used by the health care industry for
nursing home and assisted living patients. 


The implantable device is about the size of a grain of rice and is implanted
under the skin of a person's upper right arm. The chips have been used in
tracking the unidentified bodies of Hurricane Katrina victims. 


VeriChip said it plans to use $7 million in proceeds to pay off debt to
Applied Digital, for product development and general corporate purposes. 



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