NEW YORK — Ballantyne of Omaha Inc.’s parent company, ARC Intl. Corp., plans to sell about half its stake in the projection equipment manufacturer to raise money, it said Tuesday.
Ballantyne said ARC was offering to sell 1.7 million Ballantyne shares in a public offering, in addition to 259,000 shares offered by a group of other shareholders. As a result of the offering, ARC’s stake in Ballantyne will drop from 50.3% to 29.6%.
ARC, which will likely raise about $25 million, needs the money to finance an ice-skating rink expansion project it is undertaking, Ballantyne CFO Brad French said.
Ballantyne stock has lately run up to a year-high of $17.25, almost triple its year-low of $6.62, although it fell $1 Tuesday to $14.62.
Cowen & Co. and Prudential Securities are underwriting the public offering.