Deal conducted by bookrunners Raymond James, Canaccord and Macquarie
By Devika Patel
Knoxville, Tenn., Nov. 7 – Orbcomm Inc. said it priced a $72 million public offering of stock with a $10.8 million greenshoe. The deal was announced Thursday.
The company will sell 12,857,143 common shares at $5.60 per share. The price per share reflects a 10.4% discount to the Nov. 6 closing share price of $6.25.
Raymond James & Associates, Inc., Canaccord Genuity Inc. and Macquarie Capital (USA), Inc. are the bookrunning managers.
Proceeds will be used for the acquisition of SkyWave Mobile Communications Inc. and general corporate purposes.
Orbcomm is a Fort Lee, N.J., satellite data communications company.
| Issuer: | Orbcomm Inc.
|
| Issue: | Common stock
|
| Amount: | $72 million
|
| Greenshoe: | $10.8 million
|
| Shares: | 12,857,143
|
| Price: | $5.60
|
| Warrants: | No
|
| Bookrunners: | Raymond James & Associates, Inc., Canaccord Genuity Inc. and Macquarie Capital (USA), Inc.
|
| Co-managers: | Craig-Hallum Capital Group LLC and Chardan Capital Markets, LLC
|
| Announcement date: | Nov. 6
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 13
|
| Stock symbol: | Nasdaq: ORBC
|
| Stock price: | $6.25 at close Nov. 6
|
| Market capitalization: | $312.18 million
|
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