Vicor Corporation Announces Launch of Proposed Follow-on Offering of Common Stock
June 09 2020 - 4:06PM
Vicor Corporation (NASDAQ: VICR), a leading provider of high
performance power components and systems, today announced that it
has commenced a proposed underwritten registered public offering of
its common stock. In addition, Vicor intends to grant the
underwriters a 30-day option to purchase up to an additional 15% of
the number of shares of common stock offered in the proposed public
offering. The proposed offering is subject to market conditions,
and there can be no assurance as to whether or when the proposed
offering may be completed, or as to the actual size or terms of the
proposed offering.
Needham & Company is acting as the sole
book-running manager for the proposed offering.
Vicor intends to use the net proceeds from the
proposed offering for the expansion of its manufacturing facilities
and other general corporate purposes.
The proposed offering is being made pursuant to
an automatic shelf registration statement on Form S-3, including a
base prospectus, filed on June 9, 2020 by Vicor with
the Securities and Exchange Commission (SEC), which
registration statement was effective upon filing. The proposed
offering will be made only by means of a prospectus supplement and
accompanying prospectus. Copies of the preliminary prospectus
supplement and the accompanying prospectus may be obtained from:
Needham & Company, 250 Park Avenue, 10th Floor, New York, New
York 10177 or by telephone at 800-903-3268.
This press release shall not constitute an offer
to sell or the 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.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement in
this press release that is not a statement of historical fact is a
forward-looking statement, and, the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,”
“will,” “would,” “should,” “continue,” “prospective,” “project,”
and other similar expressions identify forward-looking
statements. Forward-looking statements also include
statements regarding the proposed offering, the use of proceeds
from the proposed offering, bookings, shipments, revenue,
profitability, targeted markets, increase in manufacturing capacity
and utilization thereof, future products and capital resources.
These statements are based upon management’s current expectations
and estimates as to the prospective events and circumstances that
may or may not be within the company’s control and as to which
there can be no assurance. Actual results could differ
materially from those projected in the forward-looking statements
as a result of various factors, including those economic, business,
operational and financial considerations set forth in Vicor’s
Annual Report on Form 10-K for the year ended December 31,
2019, under Part I, Item I — “Business,” under Part I, Item 1A —
“Risk Factors,” under Part I, Item 3 — “Legal
Proceedings,” and under Part II, Item 7 — “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and those described in Vicor’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2020, under Part I, Item 2 —
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and Part II, Item 1A — “Risk Factors.” The
risk factors set forth in the Annual Report on Form 10-K and the
Quarterly Report on Form 10-Q may not be exhaustive.
Therefore, the information contained in the Annual Report on Form
10-K and the Quarterly Report on Form 10-Q should be read together
with other reports and documents filed with the Securities and
Exchange Commission from time to time, including Forms 10-Q,
8-K and 10-K, which may supplement, modify, supersede or update
those risk factors. Vicor does not undertake any obligation
to update any forward-looking statements as a result of future
events or developments.
About Vicor Corporation
Vicor Corporation designs, develops,
manufactures and markets modular power components and complete
power systems based upon a portfolio of patented
technologies. Headquartered in Andover, Massachusetts,
Vicor sells its products primarily to customers in the
higher-performance, higher-power segments of the power systems
market, including aerospace and defense electronics, enterprise and
high performance computing, industrial equipment and automation,
telecommunications and network infrastructure, and vehicles and
transportation markets.
For further information contact:
James A. Simms, Chief Financial OfficerVoice:
978-470-2900Facsimile: 978-749-3439invrel@vicorpower.com
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