ORBCOMM Inc. (Nasdaq: ORBC), a global provider of industrial Internet of Things (IoT) solutions, has announced that it priced its underwritten public offering (the “Offering”) of 3,000,000 shares of its common stock, par value USD 0.001 per share, at a price of USD 8.60 per share, the company said.
In connection with the Offering, ORBCOMM has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares. ORBCOMM is offering all of the shares and will receive all the net proceeds of the Offering. The Offering is expected to close on April 10, 2018, subject to customary closing conditions.
ORBCOMM intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, future acquisitions as part of its strategy to pursue growth opportunities, debt repayment, stock repurchases, working capital and/or capital expenditures. Net proceeds may be temporarily invested before use.
Raymond James & Associates, Inc. and Canaccord Genuity LLC are acting as book-running managers for the Offering.
ORBCOMM is a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. The company offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM has a diverse customer base including premier OEMs, solutions customers and channel partners spanning transportation, supply chain, warehousing and inventory, heavy equipment, maritime, natural resources, and government. For more information, visit www.orbcomm.com.