Vitesse Prices Underwritten Public Offering of Common Stock
CAMARILLO, Calif. -- December 07, 2012
Vitesse Semiconductor Corporation (NASDAQ: VTSS) today announced the pricing
of an underwritten public offering of 10,000,000 shares of its common stock at
a price to the public of $1.75 per share. The Company has also granted to the
underwriters a 30-day option to purchase, at the same price per share as the
underwriters paid for the initial shares, an additional 1,409,294 shares to
cover over-allotments in connection with the offering. After deducting the
underwriting discount and estimated offering expenses payable by the Company,
the Company expects to receive net proceeds of approximately $16.1 million,
assuming no exercise of the over-allotment option.
The offering is expected to close on December 12, 2012, subject to customary
closing conditions. Needham & Company, LLC is acting as the sole book-running
manager of the offering. Craig-Hallum Capital Group LLC is acting as
Vitesse intends to use the net proceeds from the offering for working capital
and general corporate purposes. A portion of the net proceeds also may be used
to repay or restructure indebtedness. The shares described above are being
offered by Vitesse pursuant to a registration statement previously filed with
and subsequently declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. Copies of the
prospectus supplement and accompanying base prospectus relating to this
offering may be obtained, when available, from Needham & Company, LLC, 445
Park Avenue, New York, NY 10022, 800.903.3268.
Vitesse designs a diverse portfolio of high-performance semiconductor
solutions for Carrier and Enterprise networks worldwide. Vitesse products
enable the fastest-growing network infrastructure markets including Mobile
Access/IP Edge, Cloud Computing and SMB/SME Enterprise Networking.
Vitesse is a registered trademark of Vitesse Semiconductor Corporation in the
United States and other jurisdictions. All other trademarks or registered
trademarks mentioned herein are the property of their respective holders.
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 regarding the expected
closing of the public offering and the intended use of proceeds from the
offering. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
the satisfaction of the conditions to closing of the offering, risks
associated with the cash requirements of our business and other risks detailed
from time to time in our filings with the Securities and Exchange Commission,
represent our views only as of the date they are made and should not be relied
upon as representing our views as of any subsequent date. We do not assume any
obligation to update any forward-looking statements.
Marty McDermut, +1-805-388-3700
Cathy Mattison, +1-415-433-3777
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