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Gray Cary partners Thomas Furlong and Jeffrey Li, together with associates from Palo Alto, San Francisco and San Diego, worked on Salon.com’s unorthodox initial public offering. The IPO raised $26.2 million for the San Francisco-based online cultural and political magazine. Trust Salon to do things a little differently. They tapped as their underwriter W.R. Hambrecht & Co. Hambrecht owns the OpenIPO system (otherwise known as “Dutch auction”) which allows investors to participate in the pricing and allocation of the IPO shares through an account in the OpenIPO network at www.openipo.com. The price was set at $10.50, but rather than taking off as anticipated, stock closed on the first day of trading at $10.

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