Meru Networks Inc. (MERU) announced the pricing of an underwritten public offering of 3.00 million shares of its common stock at a purchase price of $4.00 per share.
Gross proceeds, before deducting the underwriting discounts and commissions and offering expenses payable by Meru, are expected to be approximately $12 million.
The offering is expected to close on or about March 4, 2013, subject to satisfaction of customary closing conditions. Meru has granted the underwriter a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any. Directors and executive officers of Meru Networks will purchase shares from the underwriters at the public offering price.
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