OCZ Technology (OCZ) Closes 12M Common Offering

OCZ Technology Group, Inc., (Nasdaq: OCZ) has closed its previously announced common stock offering of 12,000,000 primary shares at a price of $9.00 per share. The underwriters were granted a 30-day overallotment option to purchase, on the same terms, up to an additional 1,800,000 primary shares. OCZ received approximately $101 million in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of outstanding borrowings under its agreement with Silicon Valley Bank for asset-based financing.

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