News Article
GigOptix to offer 2.46 million shares of common stock
The offering is expected to close on or about July 8, 2010, subject to customary closing conditions at $1.75 per share
GigOptix , a supplier of electronic and electro-optic semiconductor products for optical communications systems has announced the pricing of a public offering of 2,460,000 shares of common stock at a price of $1.75 per share.
The firm has granted the underwriters a 30-day option to purchase up to 300,000 additional shares to cover over-allotments, if any. The offering is expected to close on or about July 8, 2010, subject to customary closing conditions.
If the underwriters exercise their over-allotment option in full, the proceeds of the offering will be approximately $4.8 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by GigOptix of approximately $1 million.
Roth Capital Partners, LLC is acting as the sole manager of this offering. Nixon Peabody LLP is counsel to GigOptix and Lowenstein Sandler PC is counsel to Roth Capital Partners. The offering is being made under GigOptix' registration statement on Form S-1 filed with the Securities and Exchange Commission relating to the shares of GigOptix' common stock, which was declared effective by the Securities and Exchange Commission on July 1, 2010.
Avi Katz, President and CEO of GigOptix stated, "We are pleased to have raised these additional funds in this challenging market environment that will enable us to accelerate our ongoing growth and customer penetration. GigOptix welcomes these new investors as we strive to expand the institutional holdings within our shareholder base. The proceeds from this offering further strengthen the Company's financial foundation."
