Vitesse Semiconductor (VTSS) Prices 7.46M Common Offering at $3.35/Share
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lexmark (LXK) Gets CFIUS Approval for Apex Tech Deal
- Cognizant (CTSH) Says Conducting Internal Investigation Over Potential FCPA Violations
- City Holding Co (CHCO) Files $100M Mixed Securities Shelf
Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesNeedham & Company, The Benchmark Company, Northland Securities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!