Sam:
The following is an outline of what SanDisk intends to do with the common shares they are selling. They have built their own foundry in 1998 (which I assume is a manufacturing unit). An increase in foundry capacity will be one way to ready themselves for the holiday purchasing season. The number of various applications for use may have increased beyond their expectations,IMHO
""SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 18, 1999--SanDisk Corporation (Nasdaq:SNDK) announced today that it has filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission in connection with a public offering of 3,000,000 shares of its common stock.
The offering will include 2,750,000 shares to be sold by SanDisk and 250,000 shares to be sold by one of SanDisk's stockholders, Seagate Technology, Inc. SanDisk's common stock trades on the Nasdaq National Market under the symbol "SNDK."
SanDisk intends to use the net proceeds it receives from the offering to obtain additional silicon wafer foundry capacity, as well as for working capital and general corporate purposes. SanDisk will not receive any proceeds from the sale of its common stock by Seagate Technology.
Of the 3,000,000 shares to be sold in the offering, 2,400,000 shares will be sold in the United States and Canada and the remaining 600,000 shares will be sold internationally. SanDisk will offer the U.S. underwriters an option to purchase an additional 450,000 shares of its common stock to cover any over-allotments."
RON.. |
