Obagi Medical Inc. announces of filing a registration statement with Security Exchange related to the proposed secondary offers of up to 6,247,154 shares of common stock. Obagi is a leader in therapeutic and aesthetic health systems.
All the common stock’s shares which is to be registered are earlier issued and those are presently outstanding shares. Obagi Inc. will not be selling any shares which is being offered and also will not be receiving any proceeds from the shares sales.
Filing was according to Investors’ Rights Agreement that was entered in 1997 December. One more stockholder is also participating in offering pursuant. The registration of the shares, however,
does not mean the stockholders’ selling will sell or offer the registered shares.
The company had also announced that it is being authorized by the Board of Directors to spend up to $45 million in the repurchasing of the common stock’s shares, which depends on the conditions of the market and also other related factors. The repurchase may be from the stockholders who are selling privately.
The authorization, however, does not put the company into obligation of acquiring any particular amount of the stocks. Moreover, it also stands suspended at any after the discretion of the company.
Obagi Medical is a pharmaceutical company, developing, marketing and selling the products. It’s products are so designed that it improves the penetration of agents in the skin for treating some common visible skin conditions.
