SiTime files for follow-on Public Offering

SiTime Corporation, which specializes in MEMS timing, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission related to a proposed follow-on public offering of 3,500,000 shares of its common stock, including 2,500,000 shares of common stock to be sold by MegaChips Corporation and 1,000,000 shares to be issued and sold by SiTime. In addition, SiTime intends to grant the underwriters a 30-day option to purchase up to 525,000 additional shares of common stock from SiTime. SiTime will not receive any proceeds from the sale of shares of common stock by MegaChips Corporation. Net proceeds to SiTime are expected to be used for repayment of debt and general corporate purposes.