Everspin Technologies (MRAM) Prices 5M Common Stock IPO at $8/Share, Below Recent Expectations

October 7, 2016 10:08 AM EDT
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Everspin Technologies, Inc. (Nasdaq: MRAM) announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a public offering price of $8.00 per share, for total gross proceeds of $40 million before the underwriting discount and commissions and other offering expenses. All of the shares of common stock are being offered by Everspin Technologies. The shares are expected to begin trading on The NASDAQ Global Market under the ticker symbol "MRAM" on October 7, 2016. In addition, Everspin Technologies has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount and commissions. The offering is expected to close on or about October 13, 2016, subject to customary closing conditions.

*** NOTE: The company was recently looking for a pricing range of $11 - $13 per share, though the offering size was just 3,750,000 shares at the time. Proceeds would have ranged from $41.25 to $48.75 million.

Stifel and Needham & Company are acting as joint book-running managers for the offering. Canaccord Genuity and Craig-Hallum Capital Group are acting as co-managers.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on October 7, 2016.

The offering is being made only by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to these securities may be obtained, when available, from contacting Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, or by telephone (415) 364-2720, or by email syndprospectus@stifel.com, Needham & Company, LLC Attention: Syndicate Prospectus Department, 445 Park Avenue, 4th Floor, New York, New York 10022, or by telephone at 1-800-903-4696, or by email at prospectus@needhamco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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