QAD, the Santa Barbara-based software developer, today confirmed the pricing for its recently announced public stock offering.

The company is offering 3 million shares of Class A common stock at $20.00 per share. One million shares included in the sale are being offered by controlling stockholders Karl Lopker and Pamela Lopker. Additionally, QAD has granted the underwriters a 30-day option to purchase up to 450,000 additional shares.

QAD stands to collect $40 million in the sale, with the proceeds potentially going toward working capital, capital expenditures, financing commercial activities, refinancing or paying down debt, strategic acquisitions and alliances. However, the company said the influx of cash is not currently slated for any specific agreement, acquisition or investment.

For their 1 million shares, the Lopkers could rake in $20 million.

Stifel, William Blair, and Canaccord Genuity are acting as the book running managers for the proposed offering. The Benchmark Co. is acting as a co-manager for the offering.

The company’s stock was down 5.8 percent, trading at $16.36 per share as of press time on Jan. 16.