Vitesse Announces Proposed Public Offering of Common Stock
CAMARILLO, CA -- (Marketwired) -- 06/19/13 -- Vitesse Semiconductor
Corporation (NASDAQ: VTSS) today announced that it is offering to
sell shares of its common stock in an underwritten public offering in
an amount of approximately $30 million (not including any exercise of
a 15% over-allotment option to be granted to the underwriters).
Needham & Company, LLC is acting as the sole bookrunning manager of
the offering. The offering is expected to price after the close of
trading on Wednesday, June 19, 2013.
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 ("SEC").
A preliminary prospectus supplement relating to the offering will be
filed with the SEC and will be available on the SEC's website at
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 preliminary
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from Needham & Company, LLC, 445 Park
Avenue, New York, NY 10022, 800.903.3268, or by email to
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 proposed public offering and the intended use of
proceeds from the offering. The offering is subject to market and
other conditions and there can be no assurance as to whether or when
the offering may be completed or as to the actual size or terms of
the offering. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially,
including market conditions, 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
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