EMCORE Announces Closing of $35.9 Million Public Offering of Common Stock

Rhea-AI Summary

EMCORE Corporation (Nasdaq: EMKR) has successfully closed its public offering of 6,655,093 shares of common stock at a price of $5.40 per share, yielding gross proceeds of approximately $35.9 million. This includes the underwriters' full option to purchase an additional 868,056 shares. The offering was made under a shelf registration statement previously filed with the SEC. Cowen served as book-running manager, with Craig-Hallum as co-manager. The funds will support EMCORE's operations and growth in advanced mixed-signal products for aerospace, defense, and broadband communications.

Positive

• Gross proceeds of approximately $35.9 million from the stock offering.
• Full exercise of underwriters’ option indicates strong demand for shares.

Negative

• Dilution of existing shareholder equity due to the new share issuance.

ALHAMBRA, CA, Feb. 16, 2021 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq: EMKR) today announced the closing of its underwritten public offering of 6,655,093 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 868,056 additional shares of common stock, at a public offering price of $5.40 per share. All of the shares in the offering were sold by EMCORE. The gross proceeds to EMCORE from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $35.9 million.

Cowen is acting as book-running manager and Craig-Hallum is acting as co-manager for the offering.

The shares of common stock in the public offering were issued by EMCORE pursuant to a shelf registration statement (File No. 333-235818) previously filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”), and the registration statement on Form S-3 (File No. 333-252970) filed with the SEC pursuant to Rule 462(b) under the Securities Act of 1933. The offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and may be obtained by contacting: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com, or Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity Capital Markets, telephone: 612-334-6300 or by email at prospectus@chlm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About EMCORE Corporation

EMCORE Corporation is a leading provider of advanced mixed-signal products that serve the aerospace & defense and broadband communications markets. Our best-in-class components and systems support a broad array of applications including navigation and inertial sensing, defense optoelectronics, broadband transport, 5G wireless infrastructure, optical sensing, and cloud data centers. We leverage industry-leading Quartz MEMS, Indium Phosphide, and Lithium Niobate chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its wafer fabrication facility in Alhambra, CA, and Quartz MEMS manufacturing facility in Concord, CA. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facility in Concord. For further information about EMCORE, please visit http://www.emcore.com.

Investor Contacts

EMCORE Corporation
Tom Minichiello
(626) 293-3400
investor@emcore.com

FAQ

What was the public offering price for EMCORE's shares?

The public offering price for EMCORE's shares was $5.40 per share.

How many shares did EMCORE offer in its public offering?

EMCORE offered a total of 6,655,093 shares of common stock in its public offering.

What are the gross proceeds from EMCORE's stock offering?

The gross proceeds from the offering were approximately $35.9 million.

Who managed EMCORE's public offering?

Cowen acted as the book-running manager, and Craig-Hallum served as co-manager for the offering.

What will EMCORE do with the proceeds from the stock offering?

The proceeds will support EMCORE's operations and growth in advanced mixed-signal products.