Sage Inc. files to raise $34.5 mln in IPO
sageinc.com
WASHINGTON, Aug 30 (Reuters) - Sage Inc., designer of high performance processors used in digital displays, filed to raise as much as $34.5 million in an initial public offering, according to a filing with the Securities and Exchange Commission filing.
The San Jose, Calif.-based company didn't disclose how many shares it plans to sell.
The company said it plans to use the proceeds raised from the IPO for general corporate purposes, additional working capital, and possibly to acquire complementary technology or businesses, the filing said.
Sage, which applied to offer its shares on Nasdaq under the symbol (Nasdaq:SAGI - news), had $617,000 in net losses during the second quarter of this year.
Sage's manufactures semiconductor processors for digital displays, screens that don't use as much energy and don't produce as much heat. The processors are also compatible with existing personal computers, display monitors, and emerging display devices like flat panel screens and projection devices.
The company is led by chief executive officer and president Chadrashekar Reddy who previously worked at Intel Corp. where he held several design and program management positions.
The $34.5 million figure cited was used only as a basis to calculate the SEC registration fee, the filing said.
The underwriters include BancBoston Robertson Stephens, Prudential Securities Inc. and Needham & Co. Inc.
-------------------------------------------------------------------------------- |
