News Article
Rubicon to sell $28.2 million of common stock
The net proceeds will be used to fund R&D of new products, capacity expansion and general corporate purposes
Rubicon Technology, Inc. a provider of sapphire substrates and products to the LED, semiconductor and optical markets, has announced the sale of $28.2 million of its common stock pursuant to an underwriting agreement with Canaccord Genuity Inc.
The last reported sale price of Rubicon’s common stock as reported by the NASDAQ Global Market on January 7th, 2014 was $11.44 per share.
Rubicon intends to use the net proceeds to fund research and development of new products, for capacity expansion and for general corporate purposes. Closing of the offering is expected to occur on or about January 14th, 2014, subject to customary closing conditions.
In addition, Rubicon has granted the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15 percent of the number of shares of common stock sold in the offering.
Canaccord Genuity Inc. is acting as sole book-running manager for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
The last reported sale price of Rubicon’s common stock as reported by the NASDAQ Global Market on January 7th, 2014 was $11.44 per share.
Rubicon intends to use the net proceeds to fund research and development of new products, for capacity expansion and for general corporate purposes. Closing of the offering is expected to occur on or about January 14th, 2014, subject to customary closing conditions.
In addition, Rubicon has granted the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15 percent of the number of shares of common stock sold in the offering.
Canaccord Genuity Inc. is acting as sole book-running manager for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
