Tuesday, June 25, 2013

Vitesse Raises $40.2 Million in Public Offering

Vitesse Semiconductor closed $40.2 million through a public offering for 18,720,000 shares of its common stock, which includes the exercise in full by the underwriters of their over-allotment option, at a per share price to the public of $2.15.

Vitesse will receive net proceeds of approximately $37.5 million after deducting the underwriting discount and estimated offering expenses. Certain officers and directors of Vitesse participated in the offering.