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Netflix Plans Stock Sale

28 Apr, 2006 By: Jessica Wolf

Netflix is selling 3.5 million shares of common stock at $30 each, the online rental company announced April 28. Lehman Brothers Inc. will serve as the sole underwriter of the transaction.

The rentailer plans to use the $105 million in proceeds for general corporate purposes, according to the company.

The sale should close by May 3.

Netflix has 55.2 million basic and 66.5 million fully diluted shares outstanding, and the company's share price has nearly tripled over the last year, to its current point of $30.36 per share.

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