EMCORE Takes Advantage Of Stock Price Growth, Raises $31.2M In Secondary Offering

by Anusuya Lahiri, Benzinga Staff Writer

February 11, 2021 6:39 AM | 1 min read | Make a Comment

EMCORE Corporation (NASDAQ: EMKR) priced 5.787 million shares at $5.40 per share to raise $31.2 million in a secondary public offering.
The price signifies a 1.6% discount to the company’s last closing price of $5.49, and the offering is estimated to close by February 16, 2021.
The underwriters have a 30-day option to procure additional shares up to 0.868 million at the offering price.
Cowen and Craig-Hallum Capital Group are the book-running manager and co-manager for the offering, respectively.
EMCORE had cash and equivalents of $31.2 million as of December 31, 2020. The company’s stock price has grown 72.6% in the last year, and the new shares increase the float by 20%.
Price Action: EMKR shares are up 2% at $5.60 in the pre-market session on the last check Thursday.

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