[April 02, 2013] TranSwitch Declares Underwritten Public Offering of Common Stock and Warrants Tweet Apr 02, 2013 (Close-Up Media via COMTEX) -- TranSwitch Corp. announced the pricing of an underwritten public offering of 7,055,000 units at a price to the public of $0.50 per share. According to a release, each unit consists of one share of common stock and a warrant to purchase 0.50 of a share of common stock. The warrants have an exercise price of $0.58 per share. The company also granted the underwriter a 45-day option to acquire an additional 1,245,000 units to cover overallotments in connection with the offering, which has been exercised in full. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $3.7 million (which includes the exercise of the overallotment option). The offering is expected to close on April 3, subject to customary closing conditions. Maxim Group is acting as the sole manager for the offering. TranSwitch intends to use the net proceeds from the offering for product development, general corporate purposes and working capital. The units described above are being offered by TranSwitch Corp. pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. TranSwitch Corp. provides integrated circuit (IC) and intellectual property (IP) solutions that deliver core functionality for video, voice, and data communications equipment for the customer premises and network infrastructure markets. More information: http://www.transwitch.com ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]