Vitesse Closes $40.2 Million Public Offering of Its Common Stock
CAMARILLO, CA -- (Marketwired) -- 06/25/13 -- Vitesse Semiconductor
Corporation (NASDAQ: VTSS) today announced the closing of an
underwritten public offering for 18,720,000 shares of its common
stock, which includes the exercise in full by the underwriters of
their over-allotment option, at a per share price to the public of
$2.15. The Company will receive net proceeds of approximately $37.5
million after deducting the underwriting discount and estimated
offering expenses. Certain officers and directors of Vitesse
participated in the offering.
"The success of our public offering speaks volumes to the confidence
our investors have in our strategy, products, team, and growth
potential. The net proceeds from this offering have considerably
strengthened our balance sheet, and give us flexibility in handling
the debt principal due in 2014," said Chris Gardner, CEO of Vitesse.
"The proceeds from the offering will help us toward our goal of
driving long-term growth and profitability."
"Over the last five years, our R&D investments have been targeted at
enabling next-generation networks in the fastest growing markets with
ground breaking products based on the evolution of Ethernet
technology. With the demonstrated market traction of our new
products, we believe that our served markets are on the threshold of
an extended growth cycle based on a systemic, long-term build out of
Carrier and Enterprise networks."
Needham & Company, LLC acted as the sole book-running manager of the
offering. Craig-Hallum Capital Group LLC and Imperial Capital, LLC
acted as co-managers. Counsel for Vitesse was Stubbs Alderton &
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, including statements regarding expected growth of the Company's
served markets. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially,
including risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission, represent the Company's
views only as of the date they are made and should not be relied upon
as representing the Company's views as of any subsequent date. The
Company does not assume any obligation to update any forward-looking
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