Super Micro Computer Inc SMCI shares are trading lower by 3.5% to $263.80 Friday morning after the company announced pricing of a public offering of common stock.
Super Micro Computer recently set the price for its public offering of 2,100,700 shares of common stock at $262.00 per share, totaling an estimated $524 million in gross proceeds for the company before expenses.
Additionally, there's an option for underwriters to purchase an extra 315,105 shares at the same price within 30 days.
The company plans to use these funds to bolster its operations, focusing on areas like working capital, expanding manufacturing capacity and investing more in research and development.
The offering is expected to finalize around December 5, pending standard closing conditions.
See Also: Supermicro Announces Pricing of Public Offering of Common Stock
According to data from Benzinga Pro, SMCI has a 52-week high of $357.00 and a 52-week low of $69.02.
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