By Sheri Kasprzak
New York, Dec. 1 - NeoMagic Corp. priced an $11.45 million direct placement of its stock.
The offering includes up to 2.5 million shares at $4.58 each, a 1.5% premium to the company's $4.51 closing stock price on Thursday.
The shares are being offered under the company's shelf registration.
The investors will also receive warrants for 1.25 million shares, exercisable at $5.20 each for five years.
A.G. Edwards & Sons, Inc. is the placement agent.
The deal is set to close Dec. 6.
Based in Santa Clara, Calif., NeoMagic develops semiconductor chips and software for multimedia applications used in handheld devices.
| Issuer: | NeoMagic Corp.
|
| Issue: | Stock
|
| Amount: | $11.45 million
|
| Shares: | 2.5 million
|
| Price: | $4.58
|
| Warrants: | For 1.25 million shares
|
| Warrant strike price: | $5.20
|
| Warrant expiration: | Five years
|
| Placement agent: | A.G. Edwards & Sons, Inc.
|
| Announcement date: | Dec. 1
|
| Settlement date: | Dec. 6
|
| Stock symbol: | Nasdaq: NMGC
|
| Stock price: | $5.70 at close Dec. 1
|
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