Conexant Systems To Offer 7 Million Shares

NEWPORT BEACH, Calif. (AP) — Semiconductor company Conexant Systems Inc. said Wednesday it will publicly sell 7 million common shares and will use the net proceeds for general corporate purposes, to repay debt, and for acquisitions.

Conexant intends to grant the underwriter a 30-day option to buy up to 1.05 million additional shares to cover over-allotments.

The company has about 49.9 million shares of common stock outstanding.

Shares of Conexant rose 7 cents, or 2.1 percent, to close at $3.39 during the regular trading session. The stock fell 14 cents, or 4.1 percent, to $3.25 in after-hours trading after the stock sale was announced.