Mattson Technology Inc. (NASDAQ:MTSN) Announces Pricing Of Public Offer
The $151 million market capped Mattson Technology, Inc. (NASDAQ:MTSN) which is into the design and manufacture of semiconductor components which go into the making of IC disclosed on 11th February that it has priced the shares of its public offer at $2.45 per share. Last week, the component manufacturer had announced that it has sought SEC approval to make a public offer to sell close to 12.24 million shares of its common stock. The offer is to be concluded on 14th February. The offer is expected to net the firm close to $27 million which it plans to use for funding “general corporate purposes”.
Underwriters Have Option To Buy Additional 1.83 M Shares
Mattson Technology, Inc. (NASDAQ:MTSN) has also provided its underwriters with a 30-day option on an additional 1.83 million shares in the event of over allotment. Trading houses “Needham & Company, LLC and Cowen and Company, LLC” have been appointed as the co “book-running managers” while “B. Riley & Co., LLC” has been retained as the co-managers to officiate this offering. Investors seemed to be unimpressed with the semi conductor company’s move to raise funds. The stock posted a 1.92 percent decrease in its market value during trading on 11th February.
Ramping Up Manufacturing
Mattson Technology, Inc. (NASDAQ:MTSN) is planning to use a major part of the proceeds into augmenting its manufacturing infrastructure to mass produce its “Millios™ millisecond anneal (MSA) system” which has successfully won technical wins at some of its top customers.
Announcing this development to the press, Mattson Technology, Inc. (NASDAQ: MTSN) President and Chief Executive Officer Fusen Chen has been quoted to have said that, “The Millios keeps with Mattson’s continued focus to provide products which have both leading edge technical capability and industry leading productivity. For our customer, the Millios achieved both superior electrical device performance and higher system availability and throughput than other MSA systems currently on the market.”