Stock Offerings: FSI International
NEW YORK (TheStreet) -- FSI International (FSII) shares jumped Wednesday after the semiconductor company priced a public offering of common shares at a discount to the previous session's closing price.
FSI International said it will offer 5.4 million shares of common stocks at $3.05 per share, a discount of 5.5% to Tuesday's closing price of $3.23. Underwriters are granted a 30-day option to purchase up to an additional 810,000 shares to cover overallotments.
FSI said proceeds raised through the offering will be used to pay for general corporate and working capital expenses.
Lately, FSI shares were rising by 33 cents, or 10.2%, to $3.56. Volume topped 1 million shares an hour into Wednesday's trading session, outpacing the average daily share volume of 597,000.Elsewhere, Clinical Data (CLDA) also traded higher after the biotech company priced an offering of nearly 1.95 million shares of common stock at $14.30 per share. Underwriters have an option to purchase up to an additional 291,836 shares to cover overallotments. Clinical Data said net proceeds of approximately $25.9 million will be used for commercialization plans for its depression drug vilazodone, the continued development of our other products and drug candidates, and working capital and other general corporate purposes. After closing at $14.30 on Tuesday, Clinical Data shares were up 0.8% to $14.47 following the offering announcement. Shares of Heritage-Crystal Clean (HCCI) also rose after the cleaning services provider priced an offering of 3 million shares of common stock at $8 per share, a premium to Tuesday's closing price of $7.76. Underwriters have a 30-day option to purchase up to an additional 450,000 shares. Heritage-Crystal Clean said it intends to use the net proceeds from the offering to fund a portion of the construction costs for the used oil re-refinery that it plans to build in Indiana. Shares were lately up 5% to $8.15. CNB Financial (CCNE) rose 1.1% to $11.59 after the company announced plans for a $27 million common stock offering. CNB Financial said it will use net proceeds for general corporate purposes, which may include expansion of its business, investments in CNB Bank as regulatory capital to fund growth, financing of possible acquisitions, refinancing, reduction or repayment of debt or investments at the holding company level.
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