MEDWAY, MA — Cybex International Inc.'s stock soared upon news it was going public.
The exercise equipment manufacturer filed a registration statement with the Securities and Exchange Commission on April 3 for a proposed public offering of 3.5 million shares of common stock.
The offering will provide capital to fund Cybex's growth initiatives including the development of new products aimed at specific market segments and the expansion of the company's manufacturing capacity, said John Aglialoro, chairman and CEO of Cybex. The company also plans to pay down its indebtedness. By broadening its shareholder base, Cybex hopes to increase liquidity for shareholders and create a positive foundation for its stock.