Cree nets $434.1 million through stock offering
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Local Tech Wire
DURHAM, N.C. – Light emitting diode and semiconductor firm Cree (Nasdaq: CREE) netted $434.1 million through its stock offering, which closed Sept. 16.
In a statement issued Thursday morning, Cree said the underwriters of the offering had exercised their rights on the overallotment of shares that included 1.65 million shares.
Cree also sold 11 million shares at a price of $35.50.
Cree shares traded down 50 cents, or 1,4 percent, at $35.47 in morning trading.
“Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments,” the company said.
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