FREMONT, CA -- (Marketwired) -- 11/01/13 -- Ikanos Communications, Inc. (NASDAQ: IKAN) today announced that it is offering to sell 22,500,000 shares of its common stock in an underwritten public offering. Ikanos has also granted the underwriters an option to purchase up to 3,375,000 additional shares to cover over-allotments, if any. Needham & Company, LLC is acting as the sole bookrunning manager of the offering. Craig-Hallum Capital Group is co-manager.
Ikanos intends to use the net proceeds from the offering for working capital and general corporate purposes and for capital expenditures. In addition, the Company may use a portion of the net proceeds for acquisitions of complementary businesses, technologies or other assets.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus relating to this offering, when available, may also be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, by telephone at 800-903-3268, or by email to firstname.lastname@example.org or Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at 612-334-6300, or by email to email@example.com.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and integrated software products for the digital home. The company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers.
© 2013 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos and the Ikanos logo are trademarks or registered trademarks of Ikanos Communications. All other trademarks are properties of their respective holders.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering. The proposed offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the number of shares sold, offering price or other terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, our ability to maintain adequate cash and short-term investment balances, our ability to comply with the financial covenants in our credit agreement, unexpected future costs and expenses, financing requirements and other risks detailed from time to time in our filings with the SEC. These statements represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. Ikanos undertakes no obligation to update or revise these forward-looking statements to reflect events or circumstances subsequent to date of this press release.