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Tuesday, May 24, 2022

Briefs: PS Business, Second Sight

PS Business Parks Inc. has sold three business parks in Arizona for $52.2 million. The Phoenix parks consist of 42 buildings comprising about 656,000-square-feet, with occupancy at the time of sale at nearly 87 percent. The Glendale real estate investment trust said it has one remaining 23,000-square-foot business park in Tempe, Ariz., which is under contract to sell. PS Business Parks owns 28.8 million rentable square feet with about 5,100 customers in eight states. Shares closed up 29 cents, or a fraction of a percent, to $80.82 on the New York Stock Exchange. The underwriter of Second Sight Medical Products Inc.’s successful IPO has decided to exercise its overallotment option, the company said Monday. MDB Capital Group in Dallas will purchase 525,000 additional shares at 125 percent of the IPO offering price of $9, or $11.25 a share. Second Sight, a Sylmar maker of an artificial eye, now expects total proceeds of $36.2 million from the offering, which saw shares more than double on the first day of trading. The money will fund further R&D and commercialization of the company’s product, which is implanted in the optic nerve. Billionaire entrepreneur Alfred Mann co-founded and serves as chairman of the company, in which he has a 32 percent stake after the IPO. Shares closed down $1.59, or 7.5 percent, to $19.55 on the Nasdaq.

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