Benzinga | Nov 1, 2021 10:43AM EDT

Allegro Microsystems Selling Shareholder OEP SKNA To Offload $233.5M Shares

* Allegro Microsystems Inc's (NASDAQ:ALGM) selling shareholder One Equity Partners SKNA proposed to sell 7 million shares in a secondary equity offering.

* The estimated gross proceeds are $233.52 based on Allegro's October 29 closing price of $33.36. Allegro will not receive any proceeds from the offering.

* The underwriter has a 30-day option to purchase additional shares up to 1.05 million.

* Barclays is the sole underwriter for the proposed offering.'

* Allegro is a global designer, developer, fabless manufacturer, and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets.

* Price Action: ALGM shares traded lower by 1.44% at $32.88 in the premarket session on the last check Monday.