Bookrunner Needham helps raise funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 14 - Anadigics Inc. said it priced a $20 million public sale of stock with a $3 million greenshoe. The deal was announced on Wednesday.
The company will sell 10 million common shares at $2.00 per share. The price per share is a 9.5% discount to the March 13 closing share price of $2.21.
Needham & Co., LLC is the bookrunning manager.
Settlement is expected pm March 19.
Proceeds will be used for working capital and general corporate purposes.
Based in Warren, N.J., Anadigics provides radio frequency integrated circuits and radio frequency technologies.
| Issuer: | Anadigics Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Greenshoe: | $3 million
|
| Shares: | 10 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunner: | Needham & Co., LLC
|
| Co-manager: | Craig-Hallum Capital Group LLC
|
| Announcement date: | March 13
|
| Pricing date: | March 14
|
| Settlement date: | March 19
|
| Stock symbol: | Nasdaq: ANAD
|
| Stock price: | $2.21 at close March 13
|
| Market capitalization: | $143.73 million
|
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