Company sells shares at $2.80 apiece; deal has $2.27 million greenshoe
By Devika Patel
Knoxville, Tenn., May 17 - TranSwitch Corp. priced a $15.12 million public offering of stock in a prospectus supplement filed Tuesday with the Securities and Exchange Commission. There is a $2.27 million greenshoe.
The company will sell 5.4 million common shares at $2.80 apiece. The price per share reflects a 15.15% discount to the May 16 closing share price of $3.30.
Needham & Co., LLC is the bookrunner. Northland Capital Markets and Signal Hill are co-managers.
Settlement is expected May 20.
Proceeds will be used for product development, working capital and other general corporate purposes.
TranSwitch is a Shelton, Conn.-based maker of semiconductors used in voice, data and video communications network equipment.
| Issuer: | TranSwitch Corp.
|
| Issue: | Common shares
|
| Amount: | $15.12 million
|
| Greenshoe: | $2,268,000
|
| Shares: | 5.4 million
|
| Price: | $2.80
|
| Warrants: | No
|
| Underwriters: | Needham & Co., LLC (bookrunner); Northland Capital Markets and Signal Hill (co-managers)
|
| Pricing date: | May 17
|
| Settlement date: | May 20
|
| Stock symbol: | Nasdaq: TXCC
|
| Stock price: | $3.30 at close May 16
|
| Market capitalization: | $70.97 million
|
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