Allegro MicroSystems falls as top holders look to sell shares

Sanken Electric

03/02/2021 16:07

**  Allegro MicroSystems Inc  ALGM.O  shares down 7.9% at
$29.49 after co launches secondary offering
    ** Integrated circuits developer late Tues says certain
stockholders to sell 15 mln shares  urn:newsml:reuters.com:*:nGNXZk47V
    ** Japanese backer Sanken Electric  6707.T  and PE firm One
Equity Partners selling 5.2 mln and ~8.9 mln shares,
respectively, per filing https://www.sec.gov/Archives/edgar/data/866291/000119312521025893/d112873ds1.htm#toc112873_18
    ** Barclays, Credit Suisse and Wells Fargo jt bookrunners
for offering slated to price Thurs AMC
    ** Co late Tues also posted Q3 rev beat, per Refinitiv data,
as sales grew 21% yr/yr to $164.4 mln, driven by strong recovery
in its automotive business
    ** Despite Weds move, ALGM shares have more than doubled
from their $14 Oct IPO price

 (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))