Trellis could raise $24 million via initial public offering of stock

Aegis Capital assists; sale to price between $5.00 and $6.00 per share

By Devika Patel

Knoxville, Tenn., Sept. 23 - Trellis Earth Products, Inc. will price an initial public offering of its common stock which could raise up to $24 million, according to a Form S-1 filed Friday with the Securities and Exchange Commission. The company expects its shares will trade on the Nasdaq under the symbol "TREL."

Trellis will sell 4 million common shares at a price to be determined. The price per share is expected to fall between $5.00 and $6.00. The deal also has a 45-day greenshoe option for an additional 600,000 shares.

Aegis Capital Corp. is the underwriter.

Proceeds will fund capital expenditures for the company's planned Oregon and Illinois manufacturing facilities. Proceeds also will be used to purchase raw materials, repay debt, expand marketing and brand development and for other general corporate purposes.

The Wilsonville, Ore., company manufactures earth-friendly, bio-plastics-based products used primarily in the food service industry.

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