ORBCOMM (ORBC) Prices 5.5M Share Offering at $6.15/Sh

January 17, 2014 10:34 AM EST
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ORBCOMM, Inc. (NASDAQ: ORBC) announced today that it priced its underwritten registered public offering, subject to market and other conditions, of 5,500,000 shares of its common stock, par value $0.001 per share, at a price of $6.15 per share.

In connection with the Offering, ORBCOMM has granted the underwriters an over-allotment option to purchase up to 825,000 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 January 23, 2014, subject to customary closing conditions.

ORBCOMM intends to use the Offering net proceeds for future acquisitions as part of our strategy to pursue growth opportunities and/or for general corporate purposes, which may include, among other things, investments in its next generation end-to-end solutions and products, debt repayment, working capital and capital expenditures. Net proceeds may be temporarily invested before use.

Raymond James & Associates, Inc. is acting as sole book-running manager for the Offering. Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC are acting as co-managers for the Offering.


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