LeCroy Corporation Announces Pricing of Follow-On Offering
CHESTNUT RIDGE, N.Y., April 8 /PRNewswire-FirstCall/ -- LeCroy Corporation , a
leading worldwide provider of oscilloscopes and related test and measurement
equipment, today announced the pricing of its follow-on offering of 1,500,000
shares of common stock at $19.00 per share. Of these shares, 500,000 newly
issued shares will be offered by the Company and 1,000,000 shares will be
offered by selling stockholders. LeCroy has granted the underwriters an option
to purchase up to an additional 15 percent of the shares of common stock
included in the offering to cover over-allotments, if any, within 30 days. Net
proceeds to the Company are expected to be approximately $8.0 million, excluding
any proceeds from the exercise of the over-allotments. The underwriters include
SG Cowen as the sole book-runner, Needham & Company, Inc. as the co-lead manager
and Thomas Weisel Partners LLC.
A registration statement related to 2,825,000 shares of common stock in this
public offering was filed with the Securities and Exchange Commission and has
been declared effective. The size of the offering was reduced to 1,500,000
shares.
Commenting on the transaction, LeCroy President and Chief Executive Officer, Tom
Reslewic, said, "We are pleased that we were able to complete this offering in a
difficult market and provide liquidity for a major shareholder, Value Act
Capital, and additional cash for LeCroy's balance sheet. Becauseour stock
could not be sold at a price that was as high as we had been seeing when we
started this process, we chose to reduce the size of the offering. At the
completion of this transaction we will have further distributed the ownership of
LeCroy andwe will have added $8.0 million to LeCroy's balance sheet." This filing can be accessed at the SEC's website at http://www.sec.gov/. This
press release shall not constitute an offer to sell nor the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
Printed copies of the final offering prospectus may be obtained from SG Cowen
Securities Corp., 1221 Avenue of the Americas, 14th Floor, New York, NY 10020.
Contact:
Scott D. Kantor
Chief Financial Officer
LeCroy Corporation
Tel: 845.425.2000
DATASOURCE: LeCroy Corporation CONTACT: Scott D. Kantor, Chief Financial Officer of LeCroy Corporation, +1-845-425-2000 Web site: http://www.lecroy.com/ Company News On-Call: http://www.prnewswire.com/comp/112071.html
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