When Interplay completed its Initial Public Offering on June 19, 1998 (five million shares of the company were offered at an opening price of US$5.50 per share), the firms of Piper Jaffray Inc., Bear, Stearns & Co., and UBS Securities were granted the option to purchase an additional 750,000 shares of the company's common stock.
On Monday, Interplay announced that the firms have exercised that option, which was granted to them "pursuant to the overallotment option granted by the selling stockholder to the underwriters." Interplay announced that it will not receive any proceeds from the sale of stock by the selling stockholder.
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