ORBCOMM Announces Public Offering Of 5.5 Million Shares Of Common Stock
ORBCOMM Inc. (Nasdaq:ORBC), a leading global provider of
Machine-to-Machine (M2M) solutions, announced today an underwritten
registered public offering (“Offering”), subject to market and other
ORBCOMM Inc. (Nasdaq:ORBC), a leading global provider of Machine-to-Machine (M2M) solutions, announced today an underwritten registered public offering (“Offering”), subject to market and other conditions, of 5,500,000 shares of its common stock, par value $0.001 per share. In connection with the Offering, ORBCOMM intends to grant the underwriters an over-allotment option to purchase up to 825,000 additional shares of its common stock. ORBCOMM is offering all of the shares and will receive all the net proceeds of the Offering. ORBCOMM intends to use the Offering net proceeds for future acquisitions as part of our strategy to pursue growth opportunities and/or for general corporate purposes, which may include, among other things, investments in its next generation end-to-end solutions and products, debt repayment, working capital and capital expenditures. Net proceeds may be temporarily invested before use. Raymond James & Associates, Inc. is acting as sole book-running manager for the Offering. Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC are acting as co-managers for the Offering. A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and is effective. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s web site at www.sec.gov. When available, copies of the preliminary prospectus supplement may also be obtained from Raymond James & Associates, Inc., Attention: Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at 1-800-248-8863, or by email at email@example.com. This press release is not an offer to sell and is not soliciting an offer to buy any of the securities, nor shall there be any offer or sale of the securities in any jurisdiction where the offer or sale is not permitted.