Hmmmm.....CY files Shelf Registration...
Cypress Files Universal Shelf
Registration Statement
Business Wire - November 16, 1998 09:02
SAN JOSE, Calif.--(BUSINESS WIRE)--Nov. 16,
1998--Cypress Semiconductor Corporation today announced that
on November 12, 1998, Cypress filed a universal shelf registration
statement with the SEC.
The registration, when effective, allows the company to market
and sell from time to time, up to $300 million worth of its
securities. The filing allows the company flexibility as to the type of
security it can sell, including common stock, preferred stock, and
varying forms of debt securities, including convertible debentures.
It also gives the company flexibility to define the terms and
conditions of those securities at a later time.
Cypress CEO T.J. Rodgers said, "This filing is a part of our
continuing effort and process to seek opportunities to grow the
company, either through continued investments or through
acquisition of businesses, products, or technologies. As many
companies have done, we are simply enabling our ability to react
quickly to market opportunities as they arise. Cypress currently
has $285 million of cash and is projecting significant positive cash
flow in 1999. Furthermore, Cypress is in the midst of its share
buyback program, having repurchased 8.1 million shares of the 14
million shares authorized by our board of directors. The purpose
of the share buyback program is to buy back the company's
shares from time to time when, according to our models, the
company's shares are undervalued." |
