SUNNYVALE, Calif., May 17, 2010 (GLOBE NEWSWIRE) -- TeleNav, Inc. (Nasdaq:TNAV), a provider of location based services, or LBS, including voice guided navigation, on mobile phones, today announced that, in connection with its previously disclosed underwritten public offering, the underwriters have exercised, in full, their option to purchase an additional 1,050,000 shares of common stock to cover overallotments.
The full exercise of the overallotment option brings the total number of shares of common stock to be sold in the public offering to 8,050,000. Of the shares of common stock in the offering, TeleNav offered 6,550,000 shares and selling stockholders offered 1,500,000 shares. The aggregate net proceeds received by the company are expected to be approximately $44.7 million, after the underwriting discount and estimated offering expenses payable by the company. The offering is expected to close on or about May 18, 2010, subject to customary closing conditions.
J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Robert W. Baird & Co. Inc., Canaccord Genuity Inc., Piper Jaffray & Co. and Pacific Crest Securities LLC acted as co-managers.A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on May 13, 2010. This offering is being made solely by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department; or by contacting Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, telephone: (800) 503-4611 or e-mail at email@example.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.