Finance History|Nasdaq MarketSite — Thirteen Dollars That Closed at Seventeen Thirty-One
· 2001-1
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Finance History|Nasdaq MarketSite — Thirteen Dollars That Closed at Seventeen Thirty-One
kevin
People treat Align as a Tempe Invisalign house that always printed ALGN on a mature book.
The first public print was a Santa Clara orthodontics shop that had not yet earned a profit.
Align Technology was incorporated in Delaware in April 1997. The product was a series of clear, removable trays meant to move teeth without metal brackets.
The company's own 25 January 2001 release recorded the offering of 10 million shares at 13 dollars a share. Trading on the Nasdaq National Market under the letters ALGN began the next morning, 26 January 2001. Deutsche Banc Alex. Brown led the books.
The same release granted underwriters an option on another 1.5 million shares. The Los Angeles Times, writing the next day, put the cash raise at 63 million dollars in 2001 currency after the deal was priced below a 14-to-16 dollar range.
That Times account recorded a first-day close of 17.31 dollars, up 4.31 dollars from the offer, a 33 percent gain. Align's later investor FAQ repeats the 10 million shares and the 13 dollar price and states that the common stock has not split.
Contemporary coverage put 2000 revenue at 6.7 million dollars against a net loss of 66.3 million dollars in 2000 currency. The 2001 sale listed a method, not a profitable clinic chain.
Nasdaq MarketSite at 4 Times Square is the later public face of the electronic market that took the order. The interior studios are not a visitor floor.
The mechanism is a clear-aligner book priced as public medical-device capacity in a thin IPO week, after the offer had already been cut.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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