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Cree, Inc. last week announced that the public offering of 11,000,000 shares of its common stock has priced at $35.50 per share for gross proceeds of $390.5 million. The offering includes a 30-day option for the underwriters to purchase up to 1,650,000 additional shares to Cover overallotments, if any. Cree is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933. The offering is expected to be completed on September 16, 2009, subject to customary closing conditions.
Cree intends to use the proceeds from the offering for the expenditure of the capitals of the $150 million in fiscal year 2010 and additional future capital consumption needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.
JP Morgan Securities Inc. was the sole book-running manager for the offering, BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and Americas Growth Capital acted as co-managers.
The offering is being made by the means of a prospectus supplement and accompanying prospectus. This press release shall not offer 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of any such state or jurisdiction. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering of common stock can be obtained by contacting JP Morgan Securities Inc., National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, (718) 242-8002. Potential investors should first read the prospectus supplement and accompanying prospectus, the registration statement and the Other documents that Cree has filed with the Securities and Exchange Commission in connection with the offering. Investors may obtain these Documents free of charge by visiting the SECs website at . 