Cree (CREE) Falls 2% On Offering News
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Cree Inc. (Nasdaq: CREE) is down over 2% after-hour after announcing that it has commenced an underwritten public offering of 11,000,000 shares of its common stock.
Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.
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