The company will issue 14 million shares at $2.40 per share, a ten-year low.
The share price of Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) fell 17% on Nasdaq on Wednesday in heavy trading, following the company's secondary offering. Ceragon priced the offering at $2.40 per share, a ten-year low, giving a company value of $88 million.
Needham & Company is the lead book-running manager and Oppenheimer & Co. is the co-book runner.
Ceragon will offer 14 million shares, and expects to raise a net $31.4 million (after fees and offering costs). The company has also granted to the underwriters a 30-day over-allotment option. The company had $45 million in cash at the end of September. Last week, it announced a streamlining plan to save $25 million in costs a year.
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2013
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