Finance History | Nasdaq MarketSite — Nine Dollars for Ten Million Tower Shares Called SBAC
· 1999-6
Personal memoryBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | Nasdaq MarketSite — Nine Dollars for Ten Million Tower Shares Called SBAC
kevin
People treat SBA Communications as a Boca Raton tower REIT that always printed SBAC.
The first public book was a construction-and-services firm selling Class A common.
A later Form 10-K records that on 21 June 1999 the company completed an initial public offering of 10.0 million Class A shares.
Gross proceeds were 90.0 million dollars in 1999 currency. Net proceeds after the underwriting discount and expenses were 82.8 million dollars.
Exchange directories date the Nasdaq debut to 16 June 1999 at 9.00 dollars a share.
The same 10-K says about 32.8 million dollars of the net proceeds paid accumulated dividends on Series A preferred and redeemed Series B preferred. Another 46.0 million dollars repaid revolving loans under the senior credit facility.
On 19 July 1999 the underwriters took 1.3 million more Class A shares at the same 9.00 dollar price and delivered about 10.9 million dollars of extra net proceeds.
The mechanism is a tower builder using a cash listing to pay out preferred holders, clear the revolver, and buy more sites. Site leasing, not construction fees, later became the book.
On 13 January 2017 the Florida corporation merged into a subsidiary so the issuer could elect REIT status for the 2016 tax year. The Nasdaq Global Select tape kept the letters SBAC.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for that tape.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more