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Short Take: CDNow completes public stock offering

CDnow has completed a public offering of 1.25 million newly issued shares of its common stock at a price of $18.50 per share. Another 80,000 shares were sold by an unnamed stockholder. The proceeds, about $24.61 million, will be used for sales and marketing expenses, and for payments due as a result of strategic alliances forged. The capital also will be used for improving CDnow's Web site.

CDnow has completed a public offering of 1.25 million newly issued shares of its common stock at a price of $18.50 per share. Another 80,000 shares were sold by an unnamed stockholder. The proceeds, about $24.61 million, will be used for sales and marketing expenses, and for payments due as a result of strategic alliances forged. The capital also will be used for improving CDnow's Web site.