Investor Shanghai Di Feng Investment purchases shares at $2.19 apiece
By Devika Patel
Knoxville, Tenn., April 26 - Emcore Corp. said it has arranged a $9.65 million private placement of stock with investor Shanghai Di Feng Investment Co. Ltd.
The company will sell 4,407,603 common shares at $2.19 apiece, a 9.5% discount to the April 25 closing share price of $2.42.
Proceeds will be used for capital expenditures and increases in working capital needed to support the company's growth.
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: | Common shares
|
| Amount: | $9,652,651
|
| Shares: | 4,407,603
|
| Price: | $2.19
|
| Warrants: | No
|
| Investors: | Shanghai Di Feng Investment Co. Ltd.
|
| Pricing date: | April 26
|
| Stock symbol: | Nasdaq: EMKR
|
| Stock price: | $2.46 at close April 26
|
| Market capitalization: | $212.06 million
|
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