Discount internet service provider Erol’s Internet Inc has filed with the Securities and Exchange Commission to publicly offer 2.9 million shares at $11 to $13 each, raising up to $37.9m. Roughly 525,000 shares will be offered by both the chairman and chief executive combined. The company claims 270,000 subscribers, up 101% from last year, and says it has lost $16.4m in the first three quarters of this year on revenue of $24.4m.
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