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Legacy Housing raises $55M from IPO

Legacy Housing Corp. amassed gross proceeds of approximately $55.2 million following the issuance of an additional 600,000 shares of its common stock as part of its IPO.

With the full exercise of the underwriters' option to purchase the additional shares at $12.00 apiece, the homebuilder sold a total of 4.6 million shares under the IPO.

Legacy Housing's common stock commenced trading on the Nasdaq Global Select Market Dec. 14, 2018, under the LEGH ticker symbol.

B. Riley FBR Inc., Oak Ridge Financial and National Securities Corp. served as the joint book-running managers for the offering.

Separately, B. Riley FBR agreed to buy 250,000 Legacy Housing shares from stockholder Dechomai Asset Trust for $12.50 per share. Following the privately negotiated transaction, B. Riley FBR will hold the shares for its own principal investment and Legacy Housing will not receive any proceeds from the sale.