Newspaper article The Florida Times Union

Sunset Financial Gets $130 Million; Jacksonville-Based Company Sells 10 Million Shares in IPO, but Ends Day Down 25 Cents

Newspaper article The Florida Times Union

Sunset Financial Gets $130 Million; Jacksonville-Based Company Sells 10 Million Shares in IPO, but Ends Day Down 25 Cents

Article excerpt

Byline: Mark Basch, The Times-Union

Sunset Financial Resources Inc., a newly formed Jacksonville-based mortgage investment company, went public Wednesday by selling 10 million shares of common stock at $13 each.

The stock began trading Wednesday afternoon on the New York Stock Exchange and closed at $12.75, down 25 cents on the day, according to Bloomberg News Service. Trading volume after the initial public offering was completed was 3.127 million shares.

The number of shares and the price of the IPO were reported incorrectly in The Florida Times-Union on Wednesday after Bloomberg News erroneously reported Tuesday night that Sunset was selling 4.25 million shares at $12.50 each. As Bloomberg later reported, it was another public company, Cell Genesys Inc., that sold 4.25 million shares at $12.50 in a secondary offering on Tuesday. Sunset's IPO, originally scheduled to be priced Tuesday, was not priced until Wednesday afternoon.

Sunset had filed plans with the Securities and Exchange Commission to sell 11. …

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