April 12, 2013
CUI Global, Inc.
("CUI Global" or the "Company") (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies, today announced it has priced an underwritten public offering of 8,400,000 shares of its common stock at a price to public of
per share. Additionally, the Company has granted the underwriters the option to purchase up to an additional 1,260,000 shares of its common stock to cover over-allotments, if any, at the price to public. The offering is expected to close on or about
April 17, 2013
, subject to satisfaction of closing conditions.
The total gross proceeds of the offering are approximately
. After deducting the underwriters' discount and other estimated offering expenses payable by CUI Global, the net proceeds are expected to be approximately
. The Company intends to use approximately £17.0 million of the net proceeds of the offering, or
based on the exchange rate of
= £1.0000 as of the
market close on
April 11, 2013
, to fund the purchase price of
Orbital Gas Systems Limited
("Orbital-UK"). It intends to use the remaining net proceeds to pay down approximately
of its long term debt, as well as for working capital and general corporate purposes.
Craig-Hallum Capital Group LLC is acting as sole book-running manager of the offering. Merriman Capital, Inc. is acting as co-manager of the offering.
A registration statement relating to shares of the common stock of CUI Global has been declared effective by the Securities and Exchange Commission. This offering is being made by CUI Global by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus for the offering may be obtained from Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350,
55402, phone number (612) 334-6300, or from Merriman Capital, Inc. at 135 East 57
New York, NY
10022, phone number (646) 292-1400.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may 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.