The 3DO Company (Nasdaq: THDO) is offering more shares to the public after filing for a second public offering with the SEC yesterday. Apparently, the second offering will have a certain amount of shares reserved for its chairman and CEO, William M. Hawkins, who has stated that he wants to purchase a number of shares.
Of the shares to be offered, 3DO hopes to gain US$34.5 million in the offering. That cash infusion would add $5 million to 3DO's efforts to grow its direct sales and marketing efforts into Europe in 2000, and $10 million to its efforts to invigorate its development with next-generation systems like the PlayStation 2. As the company stated in its filing, "Sega has introduced its Dreamcast system in Japan and expects to introduce it in the United States and Europe in late 1999. We currently do not expect to publish products for this platform."
At the market close, 3DO's stock was down 1.25 percent to 4 15/16.
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