GigOptix closed on its previously announced public offering of 9,218,000 newly issued shares of common stock at a price to the public of $1.70 per share. The net proceeds to the company from the offering were approximately $14.73 million after underwriting discounts and commissions. In addition, certain officers and directors as selling stockholders sold 282,000 shares of previously issued shares of common stock in the underwritten public offering under an effective equity incentive plan registration statement on file with the Securities and Exchange Commission. The Company is receiving none of the proceeds from the sale of shares by the selling stockholders.
Net proceeds will be used for potential acquisitions for strategic growth, including the acquisition of critical technologies and scalable businesses.
