Adesto Technologies Corporation Announces Proposed Public Offering of Common Stock
July 09 2018 - 6:42AM
Adesto Technologies (NASDAQ:IOTS), a leading provider of innovative
application-specific semiconductors for the IoT era, today
announced that it intends to offer and sell $40 million of shares
of its common stock in an underwritten public offering. Adesto also
expects to grant the underwriters a 30-day option to purchase up to
an additional $6 million of shares of common stock.
The offering is subject to market and other conditions, and
there can be no assurance as to whether or when the offering will
be completed, or as to the actual size or terms of the offering.
All shares in the offering are to be issued and sold by Adesto.
Adesto intends to use the net proceeds of the offering in part to
finance its recently announced acquisition of Echelon Corporation.
This offering is not contingent upon the consummation of the
acquisition of Echelon Corporation. In the event that Adesto does
not consummate the acquisition, Adesto intends to use the net
proceeds from the offering for general corporate purposes, which
may include other future acquisitions or investments in businesses,
products or technologies that are complementary to Adesto.
Cowen, Needham & Company, Canaccord Genuity and ROTH
Capital Partners are acting as joint book running managers for the
offering.
A shelf registration statement relating to the shares of common
stock offered in the public offering described above was filed with
the Securities and Exchange Commission (“SEC”) on May 9, 2018 and
declared effective by the SEC on June 27, 2018. The common stock
may be offered only by means of a prospectus, including a
prospectus supplement,that forms a part of the effective
registration statement. A preliminary prospectus supplement and
accompanying base prospectus relating to the offering will be filed
with the SEC and will be available on the SEC’s website at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and accompanying base prospectus relating to this offering may be
obtained from Cowen and Company, LLC, c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention:
Prospectus Department or by telephone at (631) 274-2806,
Needham & Company, LLC, 250 Park Avenue, New York, NY
10177, Attention: Prospectus Department, by telephone at (800)
903-3268 or by email at prospectus@needhamco.com, Canaccord Genuity
LLC, Attention: Equity Syndicate Department, 99 High Street, 12th
Floor, Boston, Massachusetts 02110, by telephone at (617) 371-3900,
or by email at prospectus@canaccordgenuity.com or ROTH Capital
Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660,
Attention: Prospectus Department, by telephone at (800) 678-9147 or
by email at rothecm@roth.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer,
solicitation or 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and other federal securities laws.
Forward-looking statements can be identified by words such as:
“anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,”
“project,” “estimate,” “expect,” “strategy,” “future,” “likely,”
“may,” “should,” “will” and similar references to future periods.
Any statements contained herein which do not describe historical
facts, including but not limited to statements regarding the
uncertainties related to whether Adesto will be able to raise
capital through the sale of shares of common stock, timing and size
of the public offering, expected use of proceeds, the time frame in
which the acquisition will occur and Adesto’s financing of the
acquisition and final terms of the proposed offering are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
discussed in such forward- looking statements. Such risks and
uncertainties include, among others, the risks identified in
Adesto’s filings with the SEC, including those discussed in
the section captioned “Risk Factors” contained in an exhibit to
Adesto’s Current Report on Form 8-K filed with the SEC on July 9,
2018, the preliminary prospectus supplement related to the proposed
public offering and subsequent filings with the SEC. Any of
these risks and uncertainties could materially and adversely affect
Adesto’s results of operations, which would, in turn, have a
significant and adverse impact on Adesto’s stock price. Adesto
cautions you not to place undue reliance on any forward-looking
statements, which speak only as of the date they are made. Adesto
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date they were made or to reflect the occurrence of
unanticipated events.
Adesto Technologies Media Contact: Jen
Bernier-Santarini +1 650-336-4222 press@adestotech.com
Adesto Technologies Investor Relations: Leanne
K. Sievers Shelton Group 949-224-3874
sheltonir@sheltongroup.com
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