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  1. Technology
February 9, 1999


By CBR Staff Writer

Internet retailer Inc, which appears to be looking for money for acquisitions, has filed with the Securities and Exchange Commission for a public offering of 4.8 million shares of common stock. Based on a proposed offering price of $21.125 per share, the offering would raise about $95.2m for the Spokane, Washington-based company, before fees. The company said in the filing that it intends to use the proceeds of the offering for working capital and other general corporate purposes, including possible acquisitions of complementary businesses or products. The company would not elaborate on that front except to say that it currently has no agreements in place and is not actively involved in any negotiations with respect to an acquisition. After the offering, Egghead will have 29.6 million shares outstanding. All of the shares are being offered by the company, with the underwriters also having been given an option to purchase up to 720,000 additional shares from Egghead to cover over-allotments. Hambrecht & Quist LLC, BancBoston Robertson Stephens and Prudential Securities have signed on to manage the offering, with H&Q acting as the lead manager. On January 26, the company reported a loss for its fiscal third quarter of $8.9m on revenue of $38.5m. At that time it had $59m in cash and equivalents.

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