QuickLogic Corporation Prices Public Offering of 4.5M Shares
QuickLogic Corporation (NASDAQ: QUIK) today announced the pricing of its underwritten public offering of an aggregate of 4,500,000 newly issued shares of common stock, $0.001 par value, together with warrants to purchase up to 2,025,000 shares of common stock.
The common stock and warrants will be sold in units, with each consisting of (i) one share of common stock and (ii) a warrant to purchase 0.45 of a share of common stock, at a price of $2.50 per Unit. The warrants are exercisable any time after the date of issuance until the 5-year anniversary of the date of issuance, and will be exercisable at a price of $2.98 per share. The Company expects to receive gross proceeds of $11.25 million, before deducting underwriting discounts and other estimated offering expenses. The net proceeds to the Company from this offering are expected to be approximately $10.49 million after deduction of underwriting discounts and assuming no exercise of the underwriter's over-allotment option.
The underwriter has also been granted a 30-day option to purchase up to 675,000 shares of common stock and warrants to purchase 303,750 additional shares of common stock to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on June 6, 2012.
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