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News Article

Oclaro in 6,000,000 newly issued share offering

Oclaro, Inc, announced today that it has priced a public offering of 6,000,000 newly issued shares of its common stock at a price of $12.00 per share

The Company has also granted the underwriters a 30-day option to purchase up to an additional 900,000 shares to cover over-allotments, if any. The offering is expected to close on May 12, 2010, subject to the satisfaction of customary closing conditions.

Morgan Stanley & Co. Incorporated and Citi are acting as joint book-running managers, and Foros Securities LLC and Thomas Weisel Partners LLC are acting as co-managers of the offering.

The Company expects to receive net proceeds of approximately $67.0 million from the offering (excluding any exercise of the over-allotment option) after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital. A portion of the net proceeds may be used to acquire or invest in complementary businesses, products or technologies.

As previously announced, the Company effected a 1-for-5 reverse split of its common stock on April 29, 2010. As a result, our common stock is temporarily trading under the symbol "OCLRD" until on or about May 28, 2010.

The common stock is being offered pursuant to a shelf registration statement that was previously filed with and declared effective by the Securities and Exchange Commission. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission and will be available on the SEC's website at www.sec.gov. Copies of the prospectus supplement relating to the common stock offering may be obtained, when available, from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone (866) 718-1649, or by e-mailing prospectus@morganstanley.com, or Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, telephone (877) 858-5407.

About Oclaro

Oclaro, Inc., with headquarters in San Jose, Calif., is a tier-one provider of high-performance optical components, modules and subsystems to the telecommunications market, and is one of the largest providers to metro and long-haul network applications. The Company, formed on April 27, 2009 following the combination of Bookham, Inc. and Avanex Corporation, leverages proprietary core technologies and vertically integrated product development to provide its customers with cost-effective and innovative optical devices, modules and subsystems. Oclaro serves a broad customer base, combining in-house and outsourced manufacturing to maximize flexibility and drive improved gross margin. Its photonic technologies also serve selected high-growth markets, including industrial, defense, life sciences, medical and scientific, with diversification providing both significant revenue streams and strategic technological advantage. The Company also provides a complete family of wavelength selective switches (WSS) capable of powering reconfigurable optical add/drop multiplexer (ROADM) applications over the entire optical network, from the edge to the core.
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