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Allegro MicroSystems Prices Secondary Offering at $30.30 a Share

· 02/05/2021 03:53

08:47 AM EST, 02/05/2021 (MT Newswires) -- Allegro MicroSystems (ALGM) on Friday priced a public offering of 17.5 million of its common shares at $30.30 per share to be offered by certain selling shareholders.

Underwriters have been granted a 30-day option to purchase up to an additional of about 2.63 million common shares.

The company said it will not receive any proceeds from the offering, which is expected to close around Feb. 9.

Shares of the company declined more than 4% ahead of Friday's market open.

Price: 30.35, Change: -1.31, Percent Change: -4.14