By Devika Patel
Knoxville, Tenn., Feb. 15 - Emcore Corp. arranged a private placement of stock and warrants for $94 million on Friday morning, then increased the deal to $100 million a few hours later.
The company will sell 8 million shares at $12.50 apiece. Investors also will receive five-year warrants for 1.4 million shares. Each warrant is exercisable at $15.06.
Jefferies & Co., Inc. will lead a syndicate of agents which also includes Canaccord Adams Inc., Lazard Freres & Co. LLC and Merriman Curhan & Ford Co.
The transaction is expected to close on Feb. 20.
Based in Albuquerque, N.M., Emcore is a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and solar power markets.
| Issuer: | Emcore Corp.
|
| Issue: | Stock with warrants
|
| Amount: | $100 million
|
| Shares: | 8 million
|
| Price: | $12.50
|
| Warrants: | For 1.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $15.06
|
| Agent: | Jefferies & Co., Inc. (lead), Canaccord Adams Inc., Lazard Freres & Co. LLC, Merriman Curhan & Ford Co.
|
| Pricing date: | Feb. 15
|
| Upsized: | Feb. 15
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Nasdaq: EMKR
|
| Stock price: | $12.32 at close Feb.15
|
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