ORBCOMM Prices $33.8 Mln Stock Offering

(RTTNews) - ORBCOMM Inc. (ORBC), a provider of Machine-to-Machine solutions, said Friday that it has priced its underwritten registered public offering of 5.5 million shares of its common stock, par value $0.001 per share, at a price of $6.15 per share.

In connection with the offering, the company has granted the underwriters an over-allotment option to purchase up to 825,000 additional shares of its common stock.

The offering is expected to close on January 23.

ORBCOMM plans to use the offering net proceeds for future acquisitions as part of its strategy to pursue growth opportunities and/or for general corporate purposes, which may include, among other things, investments in its next generation end-to-end solutions and products, debt repayment, working capital and capital expenditures. Net proceeds may be temporarily invested before use.