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Vitesse Semiconductor Corp Prices Underwritten Public Offering of Common Stock

Wednesday, 19 Jun 2013 07:51pm EDT 

Vitesse Semiconductor Corp announced the pricing of an underwritten public offering of 16,300,000 shares of its common stock at a price to the public of $2.15 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 2,420,000 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 $32.6 million, assuming no exercise of the over-allotment option. The offering is expected to close on or about June 25, 2013, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC and Imperial Capital, LLC are acting as co-managers. 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. The shares described above are being offered by Vitesse pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. 

Company Quote

-0.12 -4.05%
22 Oct 2014