Funds from financing used for working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., June 12 – Vitesse Semiconductor Corp. said it priced a $25 million public offering of stock with a $3.75 million greenshoe. The deal was announced Wednesday.
The company will sell 7,462,675 common shares at $3.35 per share. The price per share is a 12.3% discount to the June 11 closing share price of $3.82.
Needham & Co., LLC is the bookrunning manager.
Settlement is expected June 17.
Proceeds will be used for working capital and other general corporate purposes.
Vitesse is a Camarillo, Calif., semiconductor company.
| Issuer: | Vitesse Semiconductor Corp.
|
| Issue: | Common stock
|
| Amount: | $25 million
|
| Greenshoe: | $3.75 million
|
| Shares: | 7,462,675
|
| Price: | $3.35
|
| Warrants: | No
|
| Bookrunner: | Needham & Co., LLC
|
| Co-managers: | Craig-Hallum Capital Group LLC, the Benchmark Co., LLC and Northland Securities, Inc.
|
| Announcement date: | June 11
|
| Pricing date: | June 12
|
| Settlement date: | June 17
|
| Stock symbol: | Nasdaq: VTSS
|
| Stock price: | $3.82 at close June 11
|
| Market capitalization: | $198.16 million
|
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