Semiconductor co SiTime slides after pricing share offering
18/02/2021 12:41
** SiTime Corporation SITM.O shares down ~8% at $128.44
premarket after silicon timing systems maker prices follow-on
** Co announced 3 mln share offering at $127, including 1.5
mln shares sold by Japanese semiconductor firm MegaChips Corp
6875.T urn:newsml:reuters.com:*:nGNX66PSnL
** Offering prices at 9.5% discount to stock's Weds close
** Sale takes MegaChips stake in SITM to ~32%, or 6 mln
shares
** SITM plans to use net offering proceeds it receives for
general corp purposes, including working capital, marketing and
product development
** Barclays, Credit Suisse and Stifel leading the offering,
which represents a third of co's free float, per Refinitiv
** SITM's shares on Weds closed down 5.5%, snapping a
3-session winning streak as co marketed the offering
** Still, stock is up 25% to start 2021 and has soared 400%
over the past one year
** SITM went public in Nov 2019 after IPO priced at $13 and
has ~$2.4 bln market cap
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))