NT: Cobalt Networks Boosts IPO Price Range To $20-$22 From $14-$16

“Things are looking up for server appliances maker Cobalt
Networks Inc., with the company today revealing that it has lifted
the expected price range for stock in its IPO to $20 to $22 from
the $14 to $16 zone.”

“Mountain View, Calif.-based Cobalt still plans to sell 5
million shares in the stock sale, according to an amended
regulatory document released this afternoon.”

Net proceeds expected from the deal hopped up $27.9 million
to $96.6 million as the result of the price increase, with the
company planning to allocate the funds to increase working capital
and fund operating losses.

Press Release

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