QuickLogic Corporation Prices Public Offering of Common Stock
1 days 5 hours 46 minutes ago - Marketwire Canada via Comtex
QuickLogic Corporation (NASDAQ: QUIK), the lowest power programmable semiconductor solutions leader, today announced the pricing of its underwritten public offering of an aggregate of 4,500,000 newly issued shares of common stock, $0.001 par value, together with warrants to purchase up to 2,025,000 shares of common stock. The common stock and warrants will be sold in units (the "Units"), with each consisting of (i) one share of common stock and (ii) a warrant to purchase 0.45 of a share of common stock, at a price of $2.50 per Unit. The warrants are exercisable any time after the date of issuance until the 5-year anniversary of the date of issuance, and will be exercisable at a price of $2.98 per share. The Company expects to receive gross proceeds of $11.25 million, before deducting underwriting discounts and other estimated offering expenses. The net proceeds to the Company from this offering are expected to be approximately $10.49 million after deduction of underwriting discounts and assuming no exercise of the underwriter's over-allotment option. The underwriter has also been granted a 30-day option to purchase up to 675,000 shares of common stock and warrants to purchase 303,750 additional shares of common stock to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on June 6, 2012.
The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds for licensing or acquiring intellectual property or technologies to incorporate in our products, capital expenditures, to fund possible investments in and acquisitions of complementary businesses, partnerships, minority investments or to repay debts.
All of the shares of common stock, the warrants to purchase shares of common stock and the shares of common stock issuable upon exercise of the warrants are being offered by QuickLogic Corporation pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on September 2, 2009, as amended on June 1, 2012, and as supplemented by a prospectus supplement dated June 1, 2012 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and related 462(b) registration statement.
Roth Capital Partners served as the sole manager for the offering. Copies of the final prospectus supplement and accompanying base prospectus can be obtained at the SEC's website at
http://www.sec.gov or Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147, email: rothecm@roth.com or by writing or calling the Company at 1277 Orleans Drive, Sunnyvale, California 94089-1138, Attention: Ralph Marimon, Chief Financial Officer, (408) 990-4000
