Cree to issue 11 million shares at $35.5 to fund future investments

Sep 14, 2009 Last week Cree, Inc.(NASDAQ: CREE) made two announcements that the public offering of 11 million shares of its common stock will be priced at $35.50 per share for gross proceeds of $390.5 million.

Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.

Author:  Ray Andersson

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