Benzinga | Apr 9, 2021 06:16AM EDT

Ultra Clean Raises $175M Via Secondary Equity Offering

* Ultra Clean Holdings Inc (NASDAQ: UCTT) priced 3.2 million shares at $55 per share to raise $175 million in a secondary public offering. The offer price signifies a 3.2% discount to the Thursday closing price of $56.84.

* The underwriters have a 30-day option to purchase additional shares up to .048 million.

* The offering proceeds will be utilized for general corporate purposes, including working capital and capital expenditures. A part of the proceeds might be used to acquire related businesses, products, services, or technologies.

* The company recently acquired Ham-Let (Israel-Canada) Ltd for $351 million.

* Needham & Company is the sole book-running manager for the offering.

* Ultra Clean held cash and equivalents of $200.3 million as of Dec. 25, 2020.

* Price action: UCTT shares closed lower by 0.14% at $56.84 on Thursday.