Conexant Systems Inc. (CNXT) recently announced that Oppenheimer & Co. Inc, the underwriter for its recently concluded public offering of 7,000,000 shares, exercised its option to purchase an additional 1,050,000 shares. As a result of this exercise, Conexant was able to sell a total of 8,050,000 shares at a price of $2.85 per share. After deducting the underwriting discount and estimated offering expenses, Conexant received approximately $21.2 million from the allotment of the shares. Conexant had earlier granted Oppenheimer & Co a 30-day option to purchase up to 1,050,000 additional shares to cover over-allotments. Conexant intends to use the net proceeds from the offering for general corporate purposes. Management has stated that the company will use all proceeds to strengthen its balance sheet by retiring debt. Conexant had already announced
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