AMCC files for secondary offering.
I generally don't like news of a secondary offering as it typically depresses the stock price for a while. Anyone else have any comments...
SAN DIEGO, Dec. 9 /PRNewswire/ -- Applied Micro Circuits Corporation (AMCC) AMCC , a leader in high-bandwidth silicon for the world's optical networks, announced today that it had filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 4,500,000 shares of common stock by the Company. The Company has granted to the underwriters an option to purchase up to an additional 675,000 shares to cover over-allotments. The managing underwriters for the offering, which is expected to commence in January, are Credit Suisse First Boston Corp., Salomon Smith Barney Inc. and SG Cowen Securities Corporation. The company plans to use the net proceeds of about $435.4 million for working capital, general corporate purposes and potential acquisitions, the filing said.
After the offering there will be about 58.6 million shares outstanding in the company.
The underwriters include Credit Suisse First Boston, Salomon Smith Barney and SG Cowen and have been allotted an extra 675,000 shares in the event of heavy demand. |
