Market Vectors ChinaAMC SME-ChiNext (CNXT)

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Conexant Announces Pricing of Common Stock Offering @2.85 9/24/09

Conexant Systems, Inc. (NASDAQ: CNXT) today announced the pricing of an underwritten public offering of 7 million shares of its common stock at a price to the public of $2.85 per share. Conexant has granted the underwriter a 30-day option to purchase up to an additional 1.05 million shares of its common stock to cover over-allotments, if any. Conexant expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $18.4 million from the offering, or $21.2 million if the underwriter exercises its over-allotment option in full. Oppenheimer & Co. Inc. is the sole underwriter of the offering. The offering is expected to close on September 29, 2009, subject to customary closing conditions.
Conexant Announces Over-Allotment Exercise on Recent Common Stock Offering
Date : 10/14/2009 @ 4:30PM
Source : Business Wire
Stock : Conexant Systems, Inc. (CNXT)
Quote : 2.44 0.31 (14.55%) @ 7:22AM




Conexant Announces Over-Allotment Exercise on Recent Common Stock Offering

Conexant Systems, Inc. (NASDAQ:CNXT) today announced that the underwriter of its recently concluded public offering of 7,000,000 shares of common stock exercised its over-allotment option to purchase an additional 1,050,000 shares of the company’s common stock, bringing the total shares sold to 8,050,000 at a price of $2.85 per share. The offering of 7,000,000 shares closed on September 29, 2009. Net proceeds to Conexant from the sale of the 8,050,000 shares of common stock, after deducting the underwriting discount and estimated offering expenses, were approximately $21.2 million. Oppenheimer & Co. Inc. acted as sole underwriter in the offering.
Conexant intends to use the net proceeds of the offering for general corporate purposes including, but not limited to, repaying, redeeming, or repurchasing existing debt, and for working capital, capital expenditures, and acquisitions.