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Vitesse Semiconductor Corp Prices Underwritten Public Offering of Common Stock


Friday, 7 Dec 2012 09:00am EST 

Vitesse Semiconductor Corp announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $1.75 per share. The Company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 1,409,294 shares to cover over-allotments in connection with the offering. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $16.1 million, assuming no exercise of the over-allotment option. The offering is expected to close on December 12, 2012, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC is acting as co-manager. Vitesse intends to use the net proceeds from the offering for working capital and general corporate purposes. A portion of the net proceeds also may be used to repay or restructure indebtedness. 

Company Quote

3.0
-0.09 -2.91%
31 Jul 2014