Semtech slips after $400 mln stock offering unveil

Semtech

04/12/2024 21:43

**  Semtech"s  SMTC.O  shares down 5.9% to $65 post market
as semiconductor supplier looks to raise equity
  
    ** Camarillo, California-based firm  $400 mln stock offering
  
    ** It intends to use net proceeds to repay debt under credit
agreement with JPMorgan Chase as administrative agent
  
    ** Morgan Stanley and UBS jt bookrunners for the offering
  
    ** SMTC shares on Weds closed up 3.2% at $69.10, Stock has
surged 57% over the past month and has more than tripled YTD
  
    ** Co last week  Q4 net sales of $245-$255 mln and adj EPS
of 29-35 cents, citing AI-driven demand
  
    ** With ~75.2 mln shares outstanding, co has ~$5.2 bln
market cap, per LSEG
  
     

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380)))