Sandisk Corporation Commences Public Offering for 4,500,000 Shares of Common Stock
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 3, 1999--SanDisk Corporation (Nasdaq:SNDK) announced today that it commenced its public offering of 4,500,000 shares of its common stock at a price of $68.00 per share, which will result in net proceeds to the Company of approximately $291.3 million.
All of the shares are being sold by the Company. The shares are being offered in the United States and Canada by Morgan Stanley & Co. Incorporated, First Union Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and BancBoston Robertson Stephens Inc. Internationally, the shares are being offered by Morgan Stanley & Co. International Limited, Merrill Lynch International and BancBoston Robertson Stephens International Ltd. The underwriters have been granted an option to purchase 450,000 shares to cover over-allotments, if any.
SanDisk intends to use the net proceeds from this offering to fund a technology development and silicon wafer foundry joint venture with Toshiba and to obtain additional silicon wafer foundry capacity. In addition, the Company may use a portion of the proceeds for working capital, general corporate purposes and to acquire complementary assets, technologies and businesses.
SanDisk designs, develops and markets flash memory storage products that are used in a wide variety of electronic systems. SanDisk's products are used in a number of rapidly growing consumer electronics applications, such as digital cameras, personal digital assistants, MP3 portable music players, digital video recorders and smart phones, as well as in industrial communications applications, such as communications routers and switches, wireless communications systems, point-of-sale terminals, transportation systems and medical instrumentation. SanDisk's products include removable CompactFlash cards, FlashDisk cards, MultiMediaCard products, embedded FlashDrives and FlashChipSet products. |
