Pandora 2012 Annual Report Download - page 50

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Table of Contents
$16.00 per share, including 6,000,682 shares issued and sold by us. On July 19, 2011, we settled the underwriters' exercise of their IPO over-allotment option
for an additional 350,000 shares issued and sold by us for $16.00 per share. The underwriters of the offering were Morgan Stanley & Co. LLC, J.P. Morgan
Securities LLC, Citigroup Global Markets, Inc., William Blair & Company, L.L.C., Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities,
LLC. Following the sale of the shares in connection with the closing of the IPO, the offering terminated. As a result of the offering, including the
underwriters' over-allotment option, we received total net proceeds of approximately $90.6 million, after deducting total expenses of $11.0 million, consisting
of underwriting discounts and commissions of $7.1 million and offering-related expenses of approximately $3.9 million. No payments for such expenses were
made directly or indirectly to (i) any of our officers or directors or their associates, (ii) any persons owning 10% or more of any class of our equity securities,
or (iii) any of our affiliates other than the payment of certain legal expenses on behalf of our selling stockholders.
Approximately $31.0 million of the net proceeds to us from the IPO, including the over-allotment, were used to pay accrued dividends on our preferred
stock. Remaining net offering proceeds have been invested into short-term investment-grade securities and cash equivalents and used for working capital.
There has been no material change in the planned use of proceeds from our IPO from that described in the final prospectus filed with the SEC pursuant to
Rule 424(b)(4) on June 15, 2011.
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