Why Violin Memory (VMEM) Stock Is Up Today

NEW YORK (TheStreet) -- Violin Memory (VMEM) was gaining 5.4% to $4.65 Friday after pricing its offering of convertible senior notes due 2019.

The semiconductor company announced it will offer $105 million aggregate principal amount of convertible senior notes due 2019 in a private placing. The initial purchaser of the notes will have an option to buy up to an additional $15 million aggregate principal amount of notes to cover over-allotments.

Violin Memory expects net proceeds of about $100.8 million from the offering. The company plans to use the proceeds from the offering for general corporate purposes which include working capital and repaying outstanding amounts owed under its credit agreement with Silicon Valley Bank.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

VMEM Chart VMEM data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices