ORBCOMM Announces Pricing of Public Offering of Common Stock
ROCHELLE PARK, N.J. -- January 17, 2014
ORBCOMM Inc. (Nasdaq: ORBC), a leading global provider of Machine-to-Machine
(M2M) solutions, announced today that it priced its underwritten registered
public offering (“Offering”), subject to market and other conditions, of
5,500,000 shares of its common stock, par value $0.001 per share, at a price
of $6.15 per share. In connection with the Offering, ORBCOMM has granted the
underwriters an over-allotment option to purchase up to 825,000 additional
shares of its common stock. ORBCOMM is offering all of the shares and will
receive all the net proceeds of the Offering. The Offering is expected to
close on January 23, 2014, subject to customary closing conditions.
ORBCOMM intends to use the Offering net proceeds for future acquisitions as
part of our strategy to pursue growth opportunities and/or for general
corporate purposes, which may include, among other things, investments in its
next generation end-to-end solutions and products, debt repayment, working
capital and capital expenditures. Net proceeds may be temporarily invested
Raymond James & Associates, Inc. is acting as sole book-running manager for
the Offering. Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC are
acting as co-managers for the Offering.
A shelf registration statement on Form S-3 relating to the public offering of
the shares of common stock described above was filed with the Securities and
Exchange Commission (the “SEC”) and is effective. A preliminary prospectus
supplement relating to the offering will be filed with the SEC and will be
available on the SEC’s web site at www.sec.gov. When available, copies of the
preliminary prospectus supplement may also be obtained from Raymond James &
Associates, Inc., Attention: Syndicate, 880 Carillon Parkway, St. Petersburg,
Florida 33716, by telephone at 1-800-248-8863, or by email at
This press release is not an offer to sell and is not soliciting an offer to
buy any of the securities, nor shall there be any offer or sale of the
securities in any jurisdiction where the offer or sale is not permitted.
About ORBCOMM Inc.
ORBCOMM is a global provider of Machine-to-Machine (M2M) solutions. Its
customers include Caterpillar Inc., Doosan Infracore America, Hitachi
Construction Machinery, Hyundai Heavy Industries, I.D. Systems, Inc., Komatsu
Ltd., Cartrack (Pty.) Ltd., and Volvo Construction Equipment, among other
industry leaders. By means of a global network of low-earth orbit (LEO)
satellites and accompanying ground infrastructure as well as our Tier One
cellular partners, ORBCOMM’s low-cost and reliable two-way data communication
services track, monitor and control mobile and fixed assets in our core
markets: commercial transportation; heavy equipment; industrial fixed assets;
marine; and homeland security.
ORBCOMM is an innovator and leading provider of tracking, monitoring and
control services for the transportation market. Under its ReeferTrak®,
GenTrak^TM, GlobalTrak®, and CargoWatch® brands, the company provides
customers with the ability to proactively monitor, manage and remotely control
their cold chain and dry transport assets. Additionally, ORBCOMM provides
Automatic Identification System (AIS) data services for vessel tracking and to
improve maritime safety to government and commercial customers worldwide.
ORBCOMM is headquartered in Rochelle Park, New Jersey and has its network
control center in Dulles, Virginia. For more information, visit
Certain statements discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements generally relate to our plans,
objectives, estimates and expectations for future events and include
statements about the company’s expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not historical facts.
Such forward-looking statements, including those concerning the company’s
expectations and estimates, are subject to known and unknown risks and
uncertainties, which could cause actual results to differ materially from the
results, projected, expected or implied by the forward-looking statements,
some of which are beyond the company’s control, that may cause the company’s
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. In addition, specific
consideration should be given to various factors described in Part I, Item 1A.
“Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and elsewhere in our Annual
Report on Form 10-K for the year ended December 31, 2012, and other documents,
on file with the Securities and Exchange Commission. The company undertakes no
obligation to publicly revise any forward-looking statements or cautionary
factors, except as required by law.
Robert Costantini, 703-433-6305
Chief Financial Officer
The Abernathy MacGregor Group
Chuck Burgess, 212-371-5999
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