In brief: Tegal, Crystal IS, Bookham, Nokia
Tegal approves $18.4 million plan
Shareholders in plasma etch and deposition system supplier Tegal have approved a re-financing plan.
The company will sell common shares and warrants worth $18.4 million in a deal that it expects to close within a few days.
In its most recent financial update, Tegal warned that it held only $3.2 million in cash and cash equivalents after making a $2.5 million net loss in its first fiscal quarter of 2006.
The cash it raises will be used as general working capital.
Crystal IS hires RFMD director
Crystal IS, the Green Island, NY, company developing ultra-low defect density AlN substrates, has appointed Joseph Smart as VP of device development.
Smart, who is also a member of the Compound Semiconductor editorial board, will lead the development and production of ultraviolet light emitters and also be involved in marketing activities.
The Cornell University graduate was a co-founder of RF Nitro Communications, the wide-bandgap device developer acquired by RF Micro Devices in October 2001, and was director of GaN materials at RFMD until recently.
Bookham lands $15.5 million
InP chipmaker Bookham has further boosted its cash coffers with the sale of vacant land it owned in Swindon, UK.
The sale to Abbeymeads LLP has netted Bookham £8.5 million ($15.5 million), adding much-needed ballast to the company's balance sheet.
Bookham's cash-raising activities are also set to include a further public offering of stock.
Nokia increases earnings guidance
Market-leading cell-phone company Nokia says that it is expecting to sell more handsets than it had previously forecast, thanks largely to strengthening sales of models delivering 3G services.
Net company sales are now expected to hit nearly €8.5 billion in the quarter, up around €400 million on previous expectations.