Internet broadcaster NetRadio Corp has filed with the Securities and Exchange Commission for an initial public offering of $37.4m worth of its common stock. All of the shares offered will be sold by the Minneapolis-based company and Everen Securities Inc has signed on as the lead underwriter. The specific number of shares to be offered and the offering price has yet to be determined, the company said. It intends to use the proceeds for working capital and other corporate purposes including advertising and capital expenditures. According to the SEC filing, NetRadio, majority-owned by Navarre Corp, showed a net loss of $3.9m last year on revenue of just $255,000. The cumulative loss since its 1995 inception totals $5.9m and it expects losses to continue for the foreseeable future as it expands its business. The company offers 120 channels of music and information content. Its shares will trade on the Nasdaq market under the symbol NETR.
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