Vitesse Prices Underwritten Public Offering of Common Stock at $1.75 per Share
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.
Vitesse intends to use the net proceeds from the offering for working capital and general corporate purposes. A portion of the net proceeds also may be used to repay or restructure indebtedness. The shares described above are being offered by Vitesse pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission.
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