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US forex broker FXCM to offer for sale up to $15 million in shares

Following last week’s sale of its DailyFX portal to IG Group, leading US brokerage FXCM (NASDAQ:FXCM) today announced commencement of a $15 million "at-the-market" offering program. The broker says it intends to use the proceeds generated through the program to reduce its outstanding indebtedness to Leucadia and for other general corporate purposes.

Under the program, FXCM may, at its discretion, offer and Class A common stock with aggregate gross sales price of up to $15 million. Those transactions will be conducted through Jefferies LLC, which will serve as a sales agent.

Sales of Common Stock under the program may be made in negotiated transactions or "at-the-market offerings" (as defined in Rule 415 under the Securities Act of 1933), including sales made directly on the NASDAQ Global Market or sales made to or through a market maker other than on an exchange. FXCM transferred its stock exchange listing from the New York Stock Exchange to the NASDAQ in mid-September.


The Common Stock will be offered under the Company's effective shelf registration statement (including a prospectus) filed with the Securities and Exchange Commission ("SEC").


The FXCM Group currently is 50.1% majority owned by FXCM Inc., while the rest of the it moved to the hands of Leucadia National Corporation as part of a definitive agreement between the two companies. It was signed to amend the conditions of their credit agreements.


We remind you that in the aftermath of the Swiss Franc spice, FXCM drew a $300 million loan from Leucadia to cover clients' losses and meet the minimum capital requirements ($20 million). Except the news and analysis portal DailyFX, the brokerage had to sell two of its subsidiaries - FXCM Japan Securities and FXCM Asia (aka FXCM Hong Kong) - to Japanese company Rakuten Securities.
 

TAGS: fxcm  shares  stocks  fxcm stock 

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