Vicor Corporation Announces Pricing of Public Offering of Common Stock
June 10 2020 - 6:18PM
Vicor Corporation (NASDAQ: VICR), a leading provider of high
performance power components and systems, today announced the
pricing of its public offering of $100 million of shares of its
common stock at a price to the public of $65.00 per share.
In addition, the underwriters have been granted a 30-day
option to purchase up to $15 million of additional shares of common
stock from Vicor. The offering is expected to close on June 15,
2020, subject to customary closing conditions.
Needham & Company is acting as the sole
book-running manager for the offering. Craig-Hallum Capital Group
is acting as the co-manager for the offering.
Vicor intends to use the net proceeds from the
offering for the expansion of its manufacturing facilities and
other general corporate purposes.
The offering is being made pursuant to an
automatic shelf registration statement on Form S-3, including a
base prospectus, filed on June 9, 2020 by Vicor with
the Securities and Exchange Commission (SEC), which
registration statement was effective upon filing. The offering will
be made only by means of a prospectus supplement and accompanying
prospectus. Copies of the final prospectus supplement, when
available, and the accompanying prospectus may be obtained from:
Needham & Company, 250 Park Avenue, 10th Floor, New York, New
York 10177 or by telephone at 800-903-3268; or Craig-Hallum Capital
Group, 222 South 9th Street, Suite 350, Minneapolis, Minnesota
55402 or by telephone at 612-334-6300.
This press release shall not constitute an offer
to sell or the 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.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement in
this press release that is not a statement of historical fact is a
forward-looking statement, and, the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,”
“will,” “would,” “should,” “continue,” “prospective,” “project,”
and other similar expressions identify forward-looking
statements. Forward-looking statements also include
statements regarding the offering, the use of proceeds from the
offering, bookings, shipments, revenue, profitability, targeted
markets, increase in manufacturing capacity and utilization
thereof, future products and capital resources. These statements
are based upon management’s current expectations and estimates as
to the prospective events and circumstances that may or may not be
within the company’s control and as to which there can be no
assurance. Actual results could differ materially from those
projected in the forward-looking statements as a result of various
factors, including those economic, business, operational and
financial considerations set forth in Vicor’s Annual Report on Form
10-K for the year ended December 31, 2019, under Part I, Item
I — “Business,” under Part I, Item 1A — “Risk Factors,” under
Part I, Item 3 — “Legal Proceedings,” and under
Part II, Item 7 — “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and those
described in Vicor’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2020, under Part I, Item 2 — “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and Part II, Item 1A — “Risk Factors.” The risk factors
set forth in the Annual Report on Form 10-K and the Quarterly
Report on Form 10-Q may not be exhaustive. Therefore, the
information contained in the Annual Report on Form 10-K and the
Quarterly Report on Form 10-Q should be read together with other
reports and documents filed with the Securities and Exchange
Commission from time to time, including Forms 10-Q, 8-K and
10-K, which may supplement, modify, supersede or update those risk
factors. Vicor does not undertake any obligation to update
any forward-looking statements as a result of future events or
developments.
About Vicor Corporation
Vicor Corporation designs, develops,
manufactures and markets modular power components and complete
power systems based upon a portfolio of patented
technologies. Headquartered in Andover, Massachusetts,
Vicor sells its products primarily to customers in the
higher-performance, higher-power segments of the power systems
market, including aerospace and defense electronics, enterprise and
high performance computing, industrial equipment and automation,
telecommunications and network infrastructure, and vehicles and
transportation markets.
For further information contact:James A. Simms,
Chief Financial OfficerVoice: 978-470-2900Facsimile:
978-749-3439invrel@vicorpower.com
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