Transmeta (Semiconductor) (TMTA)

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Transmeta plans public offering of 25 mln shares
Reuters, 11.25.03, 2:58 PM ET

SAN FRANCISCO, Nov 25 (Reuters) - Transmeta Corp. (nasdaq: TMTA - news - people), a designer of microchips for electronic devices that need long battery life, on Tuesday it plans a public offering of 25 million shares.

Based on the stock's closing price of $3.40 on Nasdaq on Monday, the offering would raise gross proceeds of about $85 million, it said.

Santa Clara, California-based Transmeta said it intends to grant the underwriters an option to purchase an additional 15 percent of the shares sold to cover over-allotments.

The managing underwriters will be Needham & Co. Inc., A.G. Edwards & Sons Inc. and U.S. Bancorp Piper Jaffray Inc.

Shares of Transmeta were down 4 cents at $3.36 in afternoon Nasdaq trade.

Copyright 2003, Reuters News Service