Semiconductors & Semiconductor Capital Equipment
Everspin Technologies raised $40.0 million in its initial public offering at $8.00 per share. Needham acted as a joint-bookrunner on the transaction. The net proceeds from the sale of the shares will be used by Everspin Technologies for are to obtain additional capital, to create a public market for our common stock and to facilitate future access to the public equity markets. The company expects to use the net proceeds received from this offering for working capital and other general corporate purposes, including an estimated payment of $8.5 million due to GLOBALFOUNDRIES in December 2016, research and development activities, sales and marketing activities and capital expenditures, to enhance existing and develop new products, expand our manufacturing capabilities and to fund growth.
Everspin Technologies (NASDAQ: MRAM) is the leading provider of MRAM solutions. Everspin’s MRAM solutions offer the persistence of non-volatile memory with the speed and endurance of random access memory (RAM), and enable the protection of mission critical data particularly in the event of power interruption or failure. Everspin’s MRAM solutions allow its customers in the industrial, automotive and transportation, and enterprise storage markets to design high performance, power efficient and reliable systems without the need for bulky batteries or capacitors. Everspin is the only provider of commercially available MRAM solutions and over the past eight years has shipped over 60 million MRAM units. For more information, visit www.everspin.com.