27 March 2014

Rubicon closes public offering of common stock

Rubicon Technology Inc of Bensenville, IL, USA (which makes monocrystalline sapphire substrates and products for the LED, semiconductor and optical industries) has closed its underwritten public offering of 2,500,000 shares of common stock by selling stockholders (announced on 18 March) at $13 per share (worth $32.5m in total).

In addition, Rubicon granted the underwriters a 30-day over-allotment option to purchase up to an additional 375,000 shares (worth $4.875m in total), which the underwriters exercised in full on 20 March.

Rubicon did not receive any proceeds from the sale of shares by selling stockholders. However, the firm received net proceeds of about $4.3m from the sale of over-allotment option shares.

Rubicon intends to use the net proceeds to fund its research and development of new products, for expansion, and to provide funds for general corporate purposes.

Canaccord Genuity Inc acted as sole book-running manager for the offering, and D.A. Davidson & Co acted as co-manager.

See related items:

Rubicon announces proposed public offering of common stock

Rubicon selling $28.2m of common stock to fund new-product R&D and capacity expansion

Tags: Rubicon Sapphire substrates

Visit: www.rubicon-es2.com