BOFI » Topics » Use of Proceeds From Registered Securities

This excerpt taken from the BOFI 10-K filed Sep 16, 2005.

Use of Proceeds From Registered Securities


On March 14, 2005, our company’s Registration Statement on Form S-1 covering the offering of 3,052,174 shares of our common stock, Commission file number 333-121329 was declared effective. The offering closed on March 18, 2005.  As of the date of the filing of this report, all offered securities have been sold and the offering has terminated.  The offering was managed by WR Hambrecht & Co, LLC and The Seidler Companies Incorporated (the Underwriters).


The total price to the public for the shares offered and sold by our company was $35.1 million. The amount of expenses incurred for our account in connection with the offering included approximately $2.1 million of underwriting discounts and commissions and offering expenses of approximately $1.7 million.


All of the foregoing expenses were direct or indirect payments to persons other than (i) directors, officers or their associates; (ii) persons owning ten percent (10%) or more of our common stock; or (iii) affiliates of our company.


The net proceeds of the offering, including the exercise of the over-allotment option, to us (after deducting the foregoing expenses) were $31.3 million. A total of $15.0 million of the net proceeds has been contributed to Bank of Internet USA as additional paid-in capital. The remainder has been retained by BofI Holding, Inc. and invested in accordance with its investment policy.


There has been no material change in the planned use of proceeds from this initial public offering as described in our final prospectus filed with the SEC.




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