Vitesse Semiconductor (VTSS) Prices 7.46M Common Offering at $3.35/Share
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Vitesse Semiconductor (Nasdaq: VTSS) announced the pricing of an underwritten public offering of 7,462,675 shares of its common stock at a price to the public of $3.35 per share. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $23.2 million, assuming no exercise of the over-allotment option. The Company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 1,119,401 shares to cover over-allotments in connection with the offering.
The offering is expected to close on or about June 17, 2014, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC, The Benchmark Company, LLC and Northland Securities, Inc. are acting as co-managers.
Vitesse intends to use the net proceeds from the offering for working capital and general corporate purposes. The shares described above are being offered by Vitesse pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesNeedham & Company, The Benchmark Company, Northland Securities
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