By Sheri Kasprzak
New York, Dec. 1 - NeoMagic Corp. priced an $11.45 million direct placement of its stock.
The offering includes up to 2.5 million shares at $4.58 each, a 1.5% premium to the company's $4.51 closing stock price on Thursday.
The shares are being offered under the company's shelf registration.
The investors will also receive warrants for 1.25 million shares, exercisable at $5.20 each for five years.
A.G. Edwards & Sons, Inc. is the placement agent.
The deal is set to close Dec. 6.
Based in Santa Clara, Calif., NeoMagic develops semiconductor chips and software for multimedia applications used in handheld devices.
Issuer: | NeoMagic Corp.
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Issue: | Stock
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Amount: | $11.45 million
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Shares: | 2.5 million
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Price: | $4.58
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Warrants: | For 1.25 million shares
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Warrant strike price: | $5.20
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Warrant expiration: | Five years
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Placement agent: | A.G. Edwards & Sons, Inc.
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Announcement date: | Dec. 1
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Settlement date: | Dec. 6
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Stock symbol: | Nasdaq: NMGC
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Stock price: | $5.70 at close Dec. 1
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