Vitesse (VTSS) Prices Public Offering at $1.75
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Vitesse Semiconductor Corporation (NASDAQ: VTSS) today announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $1.75 per share.
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 1,409,294 shares to cover over-allotments in connection with the offering. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $16.1 million, assuming no exercise of the over-allotment option.
The offering is expected to close on December 12, 2012, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC is acting as co-manager.
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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 1,409,294 shares to cover over-allotments in connection with the offering. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $16.1 million, assuming no exercise of the over-allotment option.
The offering is expected to close on December 12, 2012, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC is acting as co-manager.
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