Manager Maxim helps fund product development and working capital
By Devika Patel
Knoxville, Tenn., March 28 - TranSwitch Corp. said it priced a $3.53 million public offering of units with a $622,500 greenshoe. The offering was announced Wednesday.
The company will sell 7,055,000 units of one common share and a half-share warrant at $0.50 per unit. Each whole warrant will be exercisable at $0.58 for five years. The strike price is a 9.43% premium to the March 27 closing share price of $0.53.
Maxim Group LLC is the sole manager.
Settlement is expected April 3.
Proceeds will be used for product development, working capital and other general corporate purposes.
Shelton, Conn.-based TranSwitch designs, develops and supplies semiconductor and intellectual property products.
Issuer: | TranSwitch Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | $3,527,500
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Greenshoe: | $622,500
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Units: | 7,055,000
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Price: | $0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $0.58
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Manager: | Maxim Group LLC
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Announcement date: | March 27
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Pricing date: | March 28
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Settlement date: | April 3
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Stock symbol: | Nasdaq: TXCC
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Stock price: | $0.53 at close March 27
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Market capitalization: | $17.87 million
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