Ceva, Inc. (NASDAQ: CEVA) has announced the commencement of an underwritten public offering of 3,000,000 shares of its common stock, with an additional 450,000 shares available for purchase by the underwriters. The offering is intended to increase the company's financial flexibility, obtain additional capital, and increase its public float.
J.P. Morgan is acting as the lead book-running manager for the 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.
The company plans to use the net proceeds from the offering for potential acquisitions of, or investments in, complementary technologies or businesses, as well as for working capital, capital expenditures, share repurchases, and other general corporate purposes.
The 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.
Ceva, Inc. is passionate about bringing new levels of innovation to the smart edge. The company's wireless communications, sensing, and edge AI technologies are at the heart of some of today’s most advanced smart edge products. Ceva aims to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world, with their technologies currently powering more than 20 billion of the world’s most innovative smart edge products.
Prospective investors are advised to read the prospectus forming a part of the registration statement and the prospectus supplement relating to the proposed offering, as well as other documents filed with the SEC, for more complete information about Ceva and the proposed offering. Today the company's shares have moved -14.5% to a price of $20.16. For more information, read the company's full 8-K submission here.
