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Data center operator Datalink Corp. said Wednesday that the company and one of its shareholders are selling a total of 3.71 million shares in a public offering.
Datalink said it is offering 2.75 million shares, and an unnamed shareholder is offering 960,000 shares, all at $5.75 per share, to raise a total of $21.3 million.
The company said underwriters have the option to buy up to 556,500 more shares to cover extra demand for the offering.
Datalink plans to use the net proceeds from its portion of the sale for potential acquisitions or general corporate purposes. The company will not receive any proceeds from the sale of the shareholder's stake.
Shares of Datalink soared 54 cents, or 8.6 percent, to $6.79 in afternoon trading.