ORBCOMM (ORBC) Prices 12.9M Common Offering at $5.60/Share
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ORBCOMM (NASDAQ: ORBC) priced its underwritten registered public offering (“Offering”) of 12,857,143 shares of its common stock, par value $0.001 per share, at a price of $5.60 per share. In connection with the Offering, ORBCOMM has granted the underwriters an option to purchase up to 1,928,571 additional shares of its common stock. ORBCOMM is offering all of the shares and will receive all the net proceeds of the Offering. The Offering is expected to close on November 13, 2014, subject to customary closing conditions.
ORBCOMM intends to use the net proceeds from the Offering primarily to fund the acquisition of SkyWave Mobile Communications Inc. (“SkyWave”) announced on November 6, 2014. The Offering is not contingent on consummation of the SkyWave acquisition and ORBCOMM may use the net proceeds from the Offering for future acquisitions and for general corporate purposes.
Raymond James & Associates, Inc., Canaccord Genuity Inc. and Macquarie Capital (USA), Inc. are acting as book-running managers for the Offering. Craig-Hallum Capital Group LLC and Chardan Capital Markets, LLC are acting as co-managers for the Offering.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesRaymond James, Canaccord Genuity, Chardan Capital Markets, Definitive Agreement
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