Local search site operator Local.com this morning announced that it has priced an underwritten public offering of 4 million shares of its common stock at a price of $4.25 per share.

      Net proceeds, after discounts, commissions and estimated expenses, will be approximately $15.5 million.

      Local.com has given the underwriter, Canaccord Genuity, a 30-day option to purchase up to an additional 600,000 shares of common stock to cover overallotments, if any. If exercised, the overallotment will result in net proceeds to the company of approximately $2.3 million (which would thus bring the total of capital raised to $17.8 million).

      Local.com owns and operates a local search site and network in the United States. The company claims it provides over 20 million consumers with relevant search results for local businesses each month, on Local.com and over 1,000 partner sites.

      The company, which is listed on NASDAQ, is getting a beating on the markets today.

Source from TechCrunch