Business
SkyWater Announces Full Exercise of Underwriter’s Option to Purchase Additional Shares
BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology (NASDAQ: SKYT) (the “Company” or “SkyWater”) announced today that the underwriter for its
About this update from Skywater Technology, Inc.
[{"type":"text","content":" BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT) (the “Company” or “SkyWater”) announced today that the underwriter for its previously announced public offering of common stock has exercised in full its option to purchase up to $2.25 million of additional shares of SkyWater’s common stock at the public offering price of $9.00 per share, less underwriting discounts and commissions.\n\nWith the addition of the full exercise of the underwriter’s option to purchase additional shares, the Company estimates that it will receive net proceeds of approximately $15.8 million from the offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by it. The Company intends to use the net proceeds from the offering primarily for general corporate purposes, which may include, among other things, funding of operations, repayment of indebtedness, additions to working capital and/or capital expenditures. The offering and the option exercise are expected to close on or about November 17, 2022, subject to the satisfaction of customary closing conditions.\n\nNeedham & Company acted as sole book-running manager for the common stock offering. A shelf registration statement on Form S-3 (File No. 333-266981) relating to the offering of the securities described above was filed with the Securities and Exchange Commission (the “SEC”) on August 19, 2022 and declared effective by the SEC on September 1, 2022. The shares were offered only by means of a prospectus forming a part of the Company's effective shelf registration statement, related prospectus supplement and other related documents. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting Needham & Company, Attention: Prospectus Department, 250 Park Avenue, New York, New York 10177, telephone: 800-903-3268 or email: [email protected].\n\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.\n\nAbout SkyWater Technology\n\nSkyWater (NASDAQ: SKYT) is a U.S. in...