ATX Group sets IPO at 5 mln shares, $14-16/share

Newswire

WASHINGTON, June 18 (Reuters) - ATX Group Inc., which provides location-based voice and data communication tools used in cars, said on Friday it plans to offer 5 million shares for between $14 to $16 a share in its initial public offering. The company plans to use the net proceeds to repay a line of credit provided by its largest shareholder, to repay debt, and other general corporate purposes, according to an amended prospectus filed with the Securities and Exchange Commission.

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