William Blair helps fund general corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., Feb. 27 - Meru Networks, Inc. said it priced a $12 million public sale of stock with a $1.8 million greenshoe. The deal was announced and priced Wednesday.
The company will sell 3 million common shares at $4.00 per share. The price per share is a 2.44% discount to the Feb. 26 closing share price of $4.10.
William Blair & Co, LLC is the bookrunner.
Settlement is expected March 4.
Proceeds will be used for general corporate purposes, which may include working capital, sales and marketing activities and general and administrative matters.
The Sunnyvale, Calif., company provides a virtualized wireless local area network.
| Issuer: | Meru Networks, Inc.
|
| Issue: | Common stock
|
| Amount: | $12 million
|
| Greenshoe: | $1.8 million
|
| Shares: | 3 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunner: | William Blair & Co, LLC
|
| Announcement date: | Feb. 27
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| Pricing date: | Feb. 27
|
| Settlement date: | March 4
|
| Stock symbol: | Nasdaq: MERU
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| Stock price: | $4.10 at close Feb. 26
|
| Market capitalization: | $89.89 million
|
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