SiTime Corporation Completes Significant Follow-on Offering
Overview of SiTime Corporation's Latest Offering
SiTime Corporation, recognized for its precision timing solutions, has recently concluded a notable follow-on public offering. This offering consisted of a total of 2,012,500 shares of common stock, which intriguingly included the complete exercise of the underwriters' option to acquire additional shares. Each share was priced to the public at $200.00, leading to substantial net proceeds of approximately $387.4 million for the company after accounting for underwriting discounts and necessary expenses.
Details on Underwriters and Management
UBS Investment Bank and Stifel played critical roles as joint lead book-running managers for this offering, showcasing their expertise in such significant financial transactions.
Adding to this, Needham & Company and Goldman Sachs & Co. LLC also acted as joint book-running managers, while Raymond James and Roth Capital Partners served as co-managers, illustrating a robust team of financial experts behind this initiative.
Regulatory Compliance and Offering Mechanics
The formal registration statement associated with these securities was filed efficiently with the U.S. Securities and Exchange Commission, becoming effective immediately upon filing. This structured approach ensured that investors had access to relevant information through a prospectus supplement, enabling a transparent transaction.
About SiTime and Its Innovative Solutions
SiTime Corporation stands at the forefront of revolutionary precision timing technology. Its semiconductor MEMS programmable solutions are noteworthy for delivering a comprehensive range of features. Customers leveraging these technologies enjoy enhanced performance alongside compact sizes and reduced power consumption, all while ensuring exceptional reliability.
With a remarkable count of over 3.5 billion devices shipped, it's evident that SiTime is making significant strides in transforming the timing industry. Such immense growth is a testament to the reliability and innovation of its products, which are integral to various applications across multiple sectors.
Investor Relations and Contact Information
For those interested in learning more about SiTime or seeking further information, the Investor Relations team is available for inquiries. Leanne Sievers and Brett Perry from the Shelton Group are reachable via the email address sitm-ir@sheltongroup.com. Furthermore, Beth Howe, the Chief Financial Officer of SiTime, can be contacted at investor.relations@sitime.com.
Frequently Asked Questions
What was the purpose of the public offering by SiTime?
The public offering aimed to raise capital, enhancing SiTime's financial stability and supporting its ongoing innovations in precision timing solutions.
Who managed the offering for SiTime Corporation?
UBS Investment Bank and Stifel were the joint lead book-running managers, supported by Needham & Company and Goldman Sachs & Co. LLC as joint book-running managers.
How much capital did SiTime raise from the offering?
SiTime raised approximately $387.4 million from the follow-on public offering after expenses.
What innovative solutions does SiTime provide?
SiTime specializes in semiconductor MEMS programmable solutions that offer enhanced performance, reduced size, and lower power consumption for various applications.
How can investors contact SiTime's Investor Relations?
Investors can reach SiTime's Investor Relations team through email at sitm-ir@sheltongroup.com or by contacting Chief Financial Officer Beth Howe at investor.relations@sitime.com.
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