Ikanos Communications, Inc. (NASDAQ: IKAN) said it has closed its underwritten public offering of 25,000,000 shares of its common stock at a price to the public of USD1.00 per share on November 13, 2013.
The net proceeds to the company from the offering are approximately USD22.7m, after deducting the underwriting discount and estimated offering expenses.
The company intends to use the net proceeds of the offering for working capital and general corporate purposes and for capital expenditures. In addition, Ikanos may use a portion of the net proceeds for acquisitions of complementary businesses, technologies or other assets.
Needham & company, LLC acted as the sole book-running manager of the offering. Craig-Hallum Capital Group acted as co-manager.
Ikanos Communications is a provider of advanced broadband semiconductor and integrated software products for the digital home. The company´s broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world´s leading network equipment manufacturers and telecommunications service providers.