Deal finances acquisitions; $2.36 million secondary sale also settled
By Devika Patel
Knoxville, Tenn., June 15 – GigPeak Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $3.75 million greenshoe in full, lifting total proceeds of the offering to $26.39 million.
The deal was announced June 9 and priced for $22.64 million with the greenshoe on June 10. The offering was conducted alongside a $2,360,714 secondary sale.
The company sold 13,194,643 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.
Of the shares, 1,875,000 were part of the fully exercised greenshoe.
Cowen and Co., Raymond James and Needham & Co. were the bookrunners.
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.
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| Issue: | Common stock
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| Amount: | $26,389,286, including $3.75 million greenshoe of 1,875,000 shares
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| Shares: | 13,194,643
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| Price: | $2.00
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| Warrants: | No
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| Bookrunners: | Cowen and Co., Raymond James and Needham & Co.
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| Announcement date: | June 9
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| Pricing date: | June 10
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| Settlement date: | June 15
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| Stock symbol: | NYSE GIG
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| Stock price: | $2.62 at close June 9
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| Market capitalization: | $114.92 million
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