CAMARILLO, Calif.--(BUSINESS WIRE)--Vitesse Semiconductor Corporation (NASDAQ: VTSS) today announced the closing of an underwritten public offering for 8,582,076 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 $3.35. The Company will receive net proceeds of approximately $26.7 million after deducting the underwriting discount and estimated offering expenses.
Needham & Company, LLC acted as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC, The Benchmark Company, LLC and Northland Securities, Inc. acted as co-managers. Counsel for Vitesse was Stubbs Alderton & Markiles, LLP.
Vitesse (Nasdaq: VTSS) designs a diverse portfolio of high-performance semiconductor solutions for Carrier, Enterprise and Internet of Things (IoT) networks worldwide. Vitesse products enable the fastest-growing network infrastructure markets including Mobile Access/IP Edge, Cloud Computing, SMB/SME Enterprise and IoT Networking.
Vitesse is a registered trademark of Vitesse Semiconductor Corporation in the United States and other jurisdictions. All other trademarks or registered trademarks mentioned herein are the property of their respective holders.