Company to use funds for acquisition of Galaxy Compound Semiconductors
By Devika Patel
Knoxville, Tenn., Sept. 30 - IQE plc said it will conduct a private placement of shares.
The company will sell 65 million ordinary shares at 32p each for £20.8 million. The per-share price is a 4.48% discount to the Sept. 29 closing share price of 33.5.
Proceeds will be used to pay for the company's planned acquisition of Galaxy Compound Semiconductors, Inc. and facilitate other opportunities, for expanding its manufacturing capacity and finance further growth, reduce debt and strengthen the balance sheet.
The Cardiff, Wales, company makes advanced semiconductor materials.
| Issuer: | IQE plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.9 million
|
| Shares: | 65 million
|
| Price: | 32p
|
| Warrants: | No
|
| Settlement date: | Sept. 30
|
| Stock symbol: | London: IQE
|
| Stock price: | 37.75p at close Sept. 30
|
| Market capitalization: | £146.36 million
|
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