|Bid||10.00 x 1800|
|Ask||0.00 x 1000|
|Day's Range||96.60 - 101.73|
|52 Week Range||15.42 - 151.78|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 03, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||151.20|
Shares of SiTime Corporation (NASDAQ: SITM) tumbled today after the company announced the pricing of its follow-on public offering. SiTime said in a press release today that it will sell 3 million shares of its common stock at a price of $127 per share. One of the company's shareholders, MegaChips Corporation, will sell 1.5 million shares of common stock and the remaining 1.5 million shares will be sold by SiTime.
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.com. Benzinga does not provide investment advice. All rights reserved.
SANTA CLARA, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- SiTime Corporation (Nasdaq: SITM), a leader in MEMS timing, today announced the pricing of its follow-on public offering of 3,000,000 shares of its common stock at a price to the public of $127.00 per share, including 1,500,000 shares of common stock to be sold by MegaChips Corporation and 1,500,000 shares of common stock to be issued and sold by SiTime. SiTime will not receive any proceeds from the sale of shares of common stock by MegaChips Corporation. The gross proceeds of the offering to SiTime, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $190.5 million, excluding any exercise of the underwriters’ option. The offering is expected to close on February 22, 2021, subject to customary closing conditions. SiTime has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock from SiTime at the public offering price, less underwriting discounts and commissions. Barclays, Credit Suisse and Stifel are joint lead book-running managers for the offering. Needham & Company, Raymond James, and Roth Capital Partners are co-managers for the offering. A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission on February 16, 2021, and became effective upon filing. SiTime has also filed a preliminary prospectus supplement for the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus. A copy of the final prospectus supplement, when available, may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847 or by email at Barclaysprospectus@broadridge.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, or by telephone at 1-800-221-1037 or by email at firstname.lastname@example.org; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at (415) 364-2720 or by email at email@example.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About SiTime SiTime Corporation is a market leader in silicon MEMS timing. Our programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With over 2 billion devices shipped, SiTime is changing the timing industry. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to SiTime’s expectations regarding the public offering. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. SiTime cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, that the closing of the offering is subject to the satisfaction of customary closing conditions. Risks and uncertainties relating to SiTime and its business can be found in the “Risk Factors” section of SiTime’s Form 10-K for the year ended December 31, 2020, filed with the SEC on February 16, 2021, and in the preliminary prospectus supplement related to the public offering filed with the SEC on February 16, 2021. SiTime undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in SiTime’s expectations, except as required by law. Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry949-224-3874 | firstname.lastname@example.org SiTime CorporationArt ChadwickChief Financial Officerinvestor.email@example.com