Ceva, Inc. (NASDAQ: CEVA) has announced the commencement of an underwritten public offering of 3,000,000 shares of its common stock, with an option for the underwriters to purchase up to an additional 450,000 shares. The purpose of this offering is to increase CEVA’s financial flexibility, obtain additional capital, and increase its public float. The net proceeds from the proposed offering will be used to fund potential acquisitions or investments in complementary technologies or businesses, as well as for working capital, capital expenditures, share repurchases, and other general corporate purposes.
J.P. Morgan is acting as the lead book-running manager for the proposed offering, with UBS Investment Bank as the junior active book-running manager, and TD Cowen and Stifel as additional book-running managers. Needham & Company, Rosenblatt, Roth Capital Partners, and Loop Capital Markets are acting as co-managers for the proposed offering.
This proposed offering is being made pursuant to a shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (SEC) on August 7, 2024, and became effective on August 16, 2024. Prospective investors are encouraged to read the prospectus forming a part of the registration statement and the prospectus supplement relating to the proposed offering for more complete information about CEVA and the offering.
As of the latest report, CEVA has a broad portfolio of IP to connect, sense, and infer data more reliably and efficiently. The company's wireless communications, sensing, and edge AI technologies are at the heart of some of today’s most advanced smart edge products, powering more than 20 billion of the world’s most innovative smart edge products.
The specific financial metrics and changes in the company's financial position since the last period are not included in the press release. Today the company's shares have moved -6.25% to a price of $18.90. For more information, read the company's full 8-K submission here.
