23 April 2012

GigOptix gains listing on NYSE Amex; extends expiration date of modified Dutch auction tender offer 

GigOptix Inc of San Jose, CA, USA (which supplies semiconductor and optical components for high-speed information streaming) says that its common shares have been approved for listing on the NYSE Amex exchange, beginning on Wednesday 25 April under the ticker symbol ‘GIG’.

“This represents another significant milestone on our company’s 2007 5 years planned road-map,” says chairman & CEO Dr Avi Katz. “Since our inception as a true bootstrap entrepreneurship high-tech start-up and with no traditional funding to support the inception and growth, we have delivered strong growth in the market of high-speed end-to-end information streaming, targeting telecom and datacom optical communications, ASIC and RF microwave and millimeter-wave systems,” he adds. “Our NYSE Amex listing will broaden our stockholder base, provide access to new sources of capital, and give our long term loyal and supportive stockholders an efficient national exchange in which to trade,” Katz believes.

“We welcome GigOptix to the NYSE Euronext family of listed companies and onto the NYSE Amex,” says Scott Cutler, executive VP, NYSE Euronext. “The NYSE Amex helps companies like GigOptix and its stockholders benefit from our superior trade execution, our relationships with institutional investors and our extensive suite of investor relations services,” he adds. “We look forward to building a strong and lasting relationship with GigOptix’s management and stockholders.” 

GigOptix extends expiration date of modified Dutch auction tender offer

In connection with the listing of its common stock on the NYSE Amex exchange, GigOptix has extended the expiration date of its modified ‘Dutch auction’ tender offer to purchase shares of its common stock from 24 April to 15 May (11:59pm, New York City time), unless the tender offer is terminated or further extended.

As of 5pm (New York City time) on 22 April, tenders had been received with respect to 618,545 common shares, representing about 2.87% of the common shares outstanding.

Under the terms of the tender offer, GigOptix has offered to purchase up to $2m worth of its common stock at a price not greater than $3.10 nor less than $2.85 per share. In accordance with the rules of the US Securities and Exchange Commission (SEC), GigOptix may increase the value of shares purchased in the offer by no more than 2% of the outstanding shares without amending or extending the tender offer. The closing price of the common stock on the OTC Bulletin Board on 27 March (immediately prior to the commencement of the tender offer) was $2.70.

Under the tender offer, stockholders will continue to have the opportunity to indicate how many shares, and at what price(s) they wish to tender their shares, within the specified price range. GigOptix will determine the lowest price per share within the range that will allow it to purchase $2m of its common stock (or a lower amount, depending on the number of shares properly tendered and not properly withdrawn). All shares purchased by GigOptix will be purchased at the same price.

If the tender offer is fully subscribed, then $2m worth of GigOptix’ common stock will be purchased, representing 2.99-3.25% of its issued and outstanding shares of shares as of 26 March. If, based on the final purchase price determined in the tender offer, more than $2m of shares are properly tendered and not properly withdrawn, then GigOptix will purchase shares tendered at or below the per-share purchase price on a pro rata basis. The tender offer continues to not be conditioned upon any minimum number of shares being tendered. GigOptix will fund share purchases in the tender offer with cash on hand.

GigOptix’ directors and executive officers do not intend to tender their shares. The tender offer will increase the proportional holdings of any stockholder that does not tender its shares.

Tags: GigOptix

Visit: www.gigoptix.com