Anadigics Inc. (ANAD) announced that it has priced an underwritten public offering of 10 million shares of its common stock at a price to the public of $2.00 per share.
The company said that it 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 1.50 million shares in connection with the offering.
After deducting the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of about $18.4 million, assuming no exercise of the Option.
The offering is expected to close on March 19, 2013, subject to customary closing conditions.
Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC is acting as co-manager.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
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