Medallion Financial Closes 2.90 Mln Shares Public Offering At $16.40/Shr

(RTTNews) - Medallion Financial Corp. (TAXI) announced that it has closed its previously announced underwritten public offering of 2.9 million shares of its common stock at a price of $16.40 per share. The company raised about $45.16 million, after deducting underwriting discounts, commissions and estimated offering expenses.

The company said it expects to use the net proceeds from the offering to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its revolving credit facilities in the ordinary course of business and expanding its operations.