Adesto Technologies Corporation Prices Public Offering of Common Stock
11 July 2018 - 11:14AM
Adesto Technologies (NASDAQ:IOTS), a leading provider of innovative
application-specific semiconductors for the IoT era, today
announced the pricing of an underwritten public offering of
6,700,000 shares of its common stock at a public offering price of
$6.00 per share. In addition, Adesto has granted the
underwriters of the offering a 30-day option to purchase up to an
additional 1,005,000 shares of common stock at the public offering
price, less underwriting discounts and commissions. Adesto
expects to receive net proceeds from the offering of approximately
$37.3 million, after deducting the underwriting discounts and
commissions and offering expenses and assuming no exercise of the
underwriters’ option to purchase additional shares. The
offering is expected to close on July 13, 2018, subject to
satisfaction of customary closing conditions.
Cowen, Needham & Company, Canaccord
Genuity and Roth Capital Partners are acting as joint book running
managers for the offering. The Benchmark Company is acting as
co-manager for the offering.
Adesto intends to use the net proceeds of the
offering in part to finance its recently announced acquisition of
Echelon Corporation. This offering is not contingent upon the
consummation of the acquisition of Echelon Corporation. In the
event that Adesto does not consummate the acquisition, Adesto
intends to use the net proceeds from the offering for general
corporate purposes, which may include other future acquisitions or
investments in businesses, products or technologies that are
complementary to Adesto.
A shelf registration statement relating to the
shares of common stock offered in the public offering described
above was filed with the Securities and Exchange Commission (“SEC”)
on May 9, 2018 and declared effective by the SEC on June 27,
2018. The common stock may be offered only by means of a
prospectus, including a prospectus supplement, that forms a part of
the effective registration statement. A preliminary
prospectus supplement and accompanying base prospectus relating to
the offering has been filed with the SEC and is available on the
SEC’s website at http://www.sec.gov. A copy of the final prospectus
relating to the offering, when available, may be obtained from
Cowen and Company, LLC, c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus
Department or by telephone at (631) 274-2806, Needham &
Company, LLC, 250 Park Avenue, New York, NY 10177, Attention:
Prospectus Department, by telephone at (800) 903-3268 or by email
at prospectus@needhamco.com, Canaccord Genuity LLC, Attention:
Equity Syndicate Department, 99 High Street, 12th Floor, Boston,
Massachusetts 02110, by telephone at (617) 371-3900, or by email at
prospectus@canaccordgenuity.com or Roth Capital Partners, LLC, 888
San Clemente Drive, Newport Beach, CA 92660, Attention: Prospectus
Department, by telephone at (800) 678-9147 or by email at
rothecm@roth.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any offer, solicitation or 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.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward-looking statements can be identified by
words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,”
“believe,” “project,” “estimate,” “expect,” “strategy,” “future,”
“likely,” “may,” “should,” “will” and similar references to future
periods. Any statements contained herein which do not
describe historical facts, including but not limited to statements
regarding the expected net proceeds from the offering, the timing
of completion of the offering, expected use of proceeds and the
time frame in which the acquisition will occur are forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from those discussed in such
forward- looking statements. Such risks and uncertainties include,
among others, the risks identified in Adesto’s filings with
the SEC, including those discussed in the section captioned
“Risk Factors” contained in an exhibit to Adesto’s Current Report
on Form 8-K filed with the SEC on July 9, 2018, the preliminary
prospectus supplement related to the proposed public offering and
subsequent filings with the SEC. Any of these risks and
uncertainties could materially and adversely affect Adesto’s
results of operations, which would, in turn, have a significant and
adverse impact on Adesto’s stock price. Adesto cautions you not to
place undue reliance on any forward-looking statements, which speak
only as of the date they are made. Adesto undertakes no obligation
to update publicly any forward-looking statements to reflect new
information, events or circumstances after the date they were made
or to reflect the occurrence of unanticipated events.
Adesto Technologies Media Contact: Jen
Bernier-Santarini +1 650-336-4222 press@adestotech.com
Adesto Technologies Investor
Relations: Leanne K. Sievers Shelton Group 949-224-3874
sheltonir@sheltongroup.com
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