Anadigics shares fall as offering price set
Anadigics drops as offering priced at $2 per share; aims to raise $18.4 million
NEW YORK (AP) -- Shares of struggling wireless equipment maker Anadigics Inc. fell Thursday after it priced an offering at $2 per share.
THE SPARK: Anadigics will offer 10 million shares, with an option for underwriters to buy another 1.5 million shares. It expects to raise about $18.4 million after expenses. The offering is expected to close Tuesday. It said it will use the money for working capital and general corporate purposes.
The offering was announced Wednesday after markets closed, with pricing announced Thursday morning.
THE BACKGROUND: Anadigics makes cellular and Wi-Fi equipment, and it has been struggling since losing business from the maker of Blackberry phones. Its 2012 net loss expanded to $69.9 million, from $49.3 million in 2011. Revenue for the year fell 26 percent to $112.6 million.
SHARE ACTION: Down 24 cents, or 10.9 percent, to $1.97. Over the past 52 weeks the shares have traded between $1.05 and $2.87.
