Deal finances acquisitions; $2.36 million secondary sale also planned
By Devika Patel
Knoxville, Tenn., June 10 – GigPeak Inc. said it priced a $22.64 million public sale of stock with a $3.75 million greenshoe. The deal was announced Thursday and will be conducted alongside a $2,360,714 secondary sale.
The company will sell 11,319,643 common shares at $2.00 per share. The price per share is a 23.66% discount to the June 9 closing share price of $2.62. The selling stockholders sold 1,180,357 shares at the same price.
Cowen and Co., Raymond James and Needham & Co. are the bookrunners.
Settlement is expected June 15.
Proceeds will be used for potential acquisitions.
The San Jose, Calif., company offers semiconductor integrated circuits and software solutions for high-speed connectivity and high-quality video compression.
| Issuer: | GigPeak Inc.
|
| Issue: | Common stock
|
| Amount: | $22,639,286
|
| Greenshoe: | $3.75 million, or 1,875,000 shares
|
| Shares: | 11,319,643
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunners: | Cowen and Co., Raymond James and Needham & Co.
|
| Announcement date: | June 9
|
| Pricing date: | June 10
|
| Settlement date: | June 15
|
| Stock symbol: | NYSE GIG
|
| Stock price: | $2.62 at close June 9
|
| Market capitalization: | $114.07 million
|
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