News

22 March 2010

 

Exercise of over-allotment option boosts Finisar offering to $139.1m

Fiber-optic communications component and subsystem maker Finisar Corp of Sunnyvale, CA, USA says that the underwriters of its public offering of common stock (announced on 15 March) have exercised in full their over-allotment option to purchase an additional 1,147,093 shares from the company plus 148,907 shares from certain selling stockholders (making 1,296,000 in total).

The exercise of the over-allotment option boosts the size of the offering from 8,640,000 to 9,936,000 shares, sold at a price to the public of $14 per share, increasing total gross proceeds from $121m to $139.1m. Total proceeds to the company from its sale of 9,787,093 shares will be $131.5m, and the selling stockholders will receive $2m. The offering is expected to close on 23 March, subject to customary closing conditions.

Finisar has previously said that net proceeds may be used for general corporate purposes, including acquisitions, capital expenditure and the repayment of debt.

See related items:

Finisar boosts public offering of common stock to yield $121m

Finisar grows 32.4% year-on-year

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