Investor Alpha Spring buys 20 million ordinary shares at $2.50 apiece
By Devika Patel
Knoxville, Tenn., Feb. 5 – Vimicro International Corp. said it plans a $50 million private placement of stock with Alpha Spring Ltd.
The company will sell 20 million ordinary shares at $2.50 apiece. The price per share is a 70.96% discount to the Feb. 4 closing share price of $8.61.
“We are very pleased to have secured $50 million financing priced at significant premium from a well-established local Chinese investment company,” chairman and chief executive officer John Deng said in a press release. "Seeing the tremendous market opportunity in the coming years, we believe sufficient capital will enable our market expansion and corporate strategy execution. As the only proven provider of SVAC technology and solutions in the marketplace, Vimicro will continue to leverage its first-mover advantages to capitalize on the trend of SVAC national standard adoption by the government, to further establish itself as a leading player in China's video surveillance market, and to create long-term value for our shareholders.”
Vimicro is a Beijing semiconductor company.
| Issuer: | Vimicro International Corp.
|
| Issue: | Ordinary shares
|
| Amount: | $50 million
|
| Shares: | 20 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Investors: | Alpha Spring Ltd.
|
| Pricing date: | Feb. 5
|
| Stock symbol: | Nasdaq: VIMC
|
| Stock price: | $8.61 at close Feb. 4
|
| Market capitalization: | $219.8 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
