Allegiant Travel Company (Nasdaq: ALGT - News) announced today the pricing of 2.3 million shares of common stock offered by certain of its selling stockholders.
The secondary offering of common stock priced at $50.00 per share and is expected to close on May 11, 2009. The Company will not receive any of the proceeds from the secondary offering. In the offering, 2.25 million of the shares of common stock were offered for sale by PAR Investment Partners, L.P. and 50,000 shares were offered by Timothy P. Flynn, a member of the Company's board of directors.
In addition, Maurice J. Gallagher, Jr., the Company's chairman of the board, president and chief executive officer and the Company's largest shareholder, and the Company have granted the underwriter a 30-day option to purchase up to 345,000 shares of common stock to cover any over-allotments, of which up to 100,000 shares would be offered by Mr. Gallagher and up to 245,000 shares would be offered by the Company.
Morgan Stanley acted as the sole manager for the offering.
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