Apple Supplier SiTime Raises $190.5M At 9.5% Discount
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SiTime Corporation (NASDAQ: SITM) priced 3 million shares at 7 per share, including 1.5 million shares from selling shareholder MegaChips Corporation (OTC: MEGPF) to raise $190.5 million in a secondary offering. The underwriters have a 30-day option to procure up to 0.45 million additional shares. The offer price signifies a 9.5% discount to the Wednesday closing price and is estimated to close by February 22, 2021. Barclays, Credit Suisse, and Stifel are the joint lead book-running managers for the offering. It is worth noting that Apple Inc (NASDAQ: AAPL) accounted for 40% of the company’s revenue for FY20. SiTime’s closing cash stood at $73.5 million at the end of last quarter. Its share price has gained 401% in last year. Price action: SITM shares are down 0.27% at $139.90 in the pre-market session on the last check Thursday. See more from BenzingaClick here for options trades from BenzingaIntegrated Ventures Acquires Mobile Mining Containers To Double Mining Rig CapacityGlobalstar Teams With XCOM Labs For 5G Deployment In Dense Environments¬© 2021 Benzinga does not provide investment advice. All rights reserved.

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