Funds from financing used for working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., June 25 - Vitesse Semiconductor Corp. said the underwriters for its public offering of stock opted to exercise the deal's $5.2 million greenshoe in full for total proceeds of $40.25 million. The deal was announced June 19 and priced for $35.05 million with the greenshoe on June 20.
The company sold 18.72 million common shares at $2.15 per share. The price per share is a 5.29% discount to the June 19 closing share price of $2.27. Of the shares, 2.42 million were part of the fully exercised greenshoe.
Needham & Co., LLC was the bookrunning manager.
Proceeds will be used for working capital and general corporate purposes, as well as to repay or restructure debt.
Based in Camarillo, Calif., Vitesse develops semiconductor products for carrier and enterprise networks.
| Issuer: | Vitesse Semiconductor Corp.
|
| Issue: | Common stock
|
| Amount: | $40,248,000 (including $5,203,000 greenshoe)
|
| Shares: | 18.72 million
|
| Price: | $2.15
|
| Warrants: | No
|
| Bookrunner: | Needham & Co., LLC
|
| Co-managers: | Craig-Hallum Capital Group LLC and Imperial Capital, LLC
|
| Announcement date: | June 19
|
| Pricing date: | June 20
|
| Settlement date: | June 25
|
| Stock symbol: | Nasdaq: VTSS
|
| Stock price: | $2.27 at close June 19
|
| Market capitalization: | $102.81 million
|
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