SiTime Corporation Announces Completion of Follow-on Public Offering
SANTA CLARA, Calif., June 16, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation (Nasdaq: SITM), a market leader in MEMS timing, announced today the completion of its follow-on public offering of 4,025,000 shares of its common stock at a price to the public of $32.00 per share, including the full exercise of the underwriters’ option to purchase an additional 525,000 shares from SiTime (the “Option Shares”). MegaChips Corporation sold 2,500,000 shares of common stock and SiTime issued and sold 1,525,000 shares of common stock in the offering. After deducting underwriting discounts and commissions and estimated offering expenses payable by SiTime, the net proceeds to SiTime were approximately $45,126,000. SiTime did not receive any proceeds from the sale of shares of common stock by MegaChips Corporation. Net proceeds to SiTime are expected to be used for repayment of debt and general corporate purposes.
Barclays and Stifel acted as joint lead book-running managers for the offering. Needham & Company, Raymond James, and Roth Capital Partners acted as co-managers for the offering.
The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847 or by email at Barclaysprospectus@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at (415) 364-2720 or by email at firstname.lastname@example.org.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
SiTime Corporation is a market leader in silicon MEMS timing. Our programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With over 1.5 billion devices shipped, SiTime is changing the timing industry.
Investor Relations Contacts:
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
Chief Financial Officer