I hope this doesn't knock the price down too much.
Sandisk files to offer 3 mln shares
WASHINGTON, Aug 17 (Reuters) - Sandisk Corp., a maker of memory storage products used in digital cameras, portable music players and other electronics, filed Tuesday to sell 3 million common shares.
The Sunnyvale, Calif.-based company is offering 2.75 million of the shares while Seagate Technology Inc. (NYSE:SEG - news), a stockholder, is offering the other 250,000 shares, Sandisk said in a Securities and Exchange Commission filing.
Sandisk, which shipped more than one million flash memory cards and flash chip sets in the quarter ended June 30, said it will use the net proceeds from its shares sold to obtain additional silicon wafer foundry capacity, for working capital and general corporate purposes.
It will not receive any of the proceeds from the shares sold by Scotts Valley, Calif.-based Seagate, which held 22.5 percent, or 6,141,374 shares, before the offering, the filing said.
Sandisk, citing industry data, is the world's leading provider of flash memory card storage products, which are designed to meet the storage requirements of consumer electronics and industrial/communications applications, including non-volatility, which is the ability to retain information with the power supply turned off.
Shares of Sandisk closed up 13/16 to 89 on Nasdaq.
biz.yahoo.com |
