Vitesse Semiconductor Prices Public Offering Of 7.46 Mln Shares At $3.35/shr

(RTTNews) - Vitesse Semiconductor Corp. (VTSS) announced the pricing of an underwritten public offering of 7.46 million shares of its common stock at a price to the public of $3.35 per share.

After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $23.2 million, assuming no exercise of the over-allotment option.

The company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 1,119,401 shares to cover over-allotments in connection with the offering.

Vitesse stated that it intends to use the net proceeds from the offering for working capital and general corporate purposes.

The offering is expected to close on or about June 17, 2014, subject to customary closing conditions.

Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC, The Benchmark Company, LLC and Northland Securities, Inc. are acting as co-managers.