FILE - In this Monday, Dec. 10, 2012, file photo, workers sort packages at a FedEx sorting facility in Kansas City, Mo. FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. (AP Photo/Charlie Riedel, File)
Anadigics shares fall as offering price set
Published: 05:52:42 PM, Thu 14 March 2013 UTC
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.
Tags:
ap, capital, cents, tuesday, week-day names, wednesday, share action, spark, percent, expenses, income statement, net loss, closed, business, option, markets, money, price, revenue, shares, share, new york, close, offering, thursday morning, underwriters, general corporate purposes, blackberry phones, anadigics, wireless equipment maker, price set, anadigics inc., wi-fi equipment, anadigics shares
