Vitesse to raise $16.1M in stock offering

Camarillo-based Vitesse Semiconductor plans to raise $16.1 million in a public offering of stock.

The deal, announced Dec. 6, will offer 10 million shares at $1.75 each, netting $16.1 million after costs. It’s expected to close Dec. 12.

Needham & Company is acting as the sole book-running manager of the offering, and Craig-Hallum Capital Group LLC is acting as co-manager, the company said.

Vitesse is raising money after glimmers of operating profits showed up this year in the wake of years of losses and a stock options backdating scandal that sent two of its top former leaders to a federal fraud trial in New York. The case ended in a mistrial.

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