IRVINE, Calif., Sept. 15, 2016 /PRNewswire/ -- Netlist, Inc.
("Netlist" or the "Company") (NASDAQ: NLST) today announced it has
priced an underwritten public offering of 8,000,000 shares of its
common stock at a price to public of $1.25 per share. Additionally, the Company
has granted the underwriters the option to purchase up to an
additional 1,200,000 shares of its common stock at the price to
public. The offering is expected to close on or about September 21, 2016, subject to satisfaction of
closing conditions.
The total gross proceeds of the offering are expected to be
approximately $10.0 million. After
deducting the underwriter's discount and other estimated offering
expenses payable by Netlist, the net proceeds are expected to be
approximately $9.0 million. These
amounts assume no exercise of the underwriter's option to purchase
additional shares.
B. Riley & Co., LLC and Craig-Hallum Capital Group LLC are
acting as joint bookrunners for the offering, and The Benchmark
Company is acting as the co-manager for the offering.
A registration statement relating to shares of the common stock
of Netlist has been declared effective by the Securities and
Exchange Commission on September 2,
2016. This offering is being made by Netlist by means of a
written prospectus supplement forming part of the effective
registration statement. A copy of the final prospectus for the
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov and may also be
obtained from B. Riley & Co., LLC, 11100 Santa Monica Blvd.,
Suite 800, Los Angeles, CA 90025,
by telephone at (888) 295-0155, or by email at
capitalmarkets@brileyco.com, or from Craig-Hallum Capital Group
LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300,
email: prospectus@chlm.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Netlist, Inc.
Netlist creates solutions that
accelerate turning raw data into business insight. The company
produces next generation persistent memory solutions that enable
businesses to transact quicker, gain insight faster and reduce
datacenter cost. Flagship products NVvault® and EXPRESSvault®
accelerate system performance and provide mission critical fault
tolerance. HybriDIMM™, Netlist's next-generation Storage
Class Memory, lowers cost and improves performance of big data
analytics and in-memory computing. The company holds a portfolio of
patents, many seminal, in the area of hybrid memory, storage class
memory, rank multiplication and load-reduction, among others.
Netlist is part of the Russell Microcap® Index. To learn
more, visit www.netlist.com.
Safe Harbor Statement:
This news release contains
forward-looking statements regarding future events and the future
performance of Netlist. A forward-looking statement is
neither a prediction nor a guarantee of future events or
circumstances and is based on currently available market,
operating, financial and competitive information and assumptions.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those expected
or projected, including, among others, risks associated with the
launch and commercial success of our products, programs and
technologies; the success of product, joint development and
licensing partnerships; continuing development, qualification and
volume production of HybriDIMM™ , as well as our other products and
technologies; the rapidly-changing nature of technology in our
industry; risks associated with intellectual property, including
patent infringement litigation initiated by us or by others against
us as well as the costs and unpredictability of litigation over
infringement of our intellectual property; volatility in the
pricing of DRAM ICs and NAND flash; changes in and uncertainty of
customer acceptance of, and demand for, our existing products and
products under development, including predictions about the size of
the market for our products; delays in our and our customers'
product releases and development; introductions of new products by
competitors; changes in end-user demand for technology solutions;
and general economic and market conditions. Other risks and
uncertainties are described in our annual report on Form 10-K filed
on March 4, 2016, and subsequent
filings with the U.S. Securities and Exchange Commission we make
from time to time, including the preliminary and final prospectus
supplements that we filed in connection with the proposed offering.
Except as required by law, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE Netlist, Inc.