SANTA ANA, Calif., Aug. 6, 2009 (GLOBE NEWSWIRE) -- STEC, Inc. (Nasdaq:STEC) today announced the pricing of its previously announced public offering of its shares of common stock by Manouch Moshayedi, its chairman and chief executive officer, and Mark Moshayedi, its president, chief operating officer, chief technical officer, secretary and a director. The selling shareholders are selling an aggregate of 9.0 million shares, which represents an increase from the 7.5 million shares previously announced, at an initial per share price to the public of $31.00 per share. The selling shareholders granted the underwriters an option to purchase up to an aggregate of 1,350,000 additional shares solely for the purpose of covering overallotments, if any. STEC will not receive any of the proceeds from sales by the selling shareholders in the offering and the offering will not be dilutive to existing shareholders.
J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Barclays Capital Inc. and Oppenheimer & Co. Inc. are acting as managing underwriters of the offering. J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. are acting as the joint book-running managers, and Barclays Capital Inc. is acting as joint lead manager.
STEC has filed a registration statement (including a base prospectus) and prospectus supplement with the SEC for the offering to which this announcement relates. Before you invest, you should read the prospectus supplement and the accompanying prospectus and the other documents STEC has filed with the SEC and which are incorporated by reference in the prospectus for more complete information about STEC and this offering. Copies of the prospectus supplement may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425, Attention: Chase Distribution & Support Service, Northeast Statement Processing, Telephone: (718) 242-8002 or Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, NJ 07311, Attention: Prospectus Department, Telephone: (800) 503-4611. An electronic copy of the prospectus supplement may be obtained by visiting EDGAR on the SEC website at www.sec.gov.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The offering of these securities will be made only by means of a prospectus. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement or the prospectus contained therein.
About STEC
STEC, Inc. designs, manufactures and markets enterprise-class solid state drives, or SSDs, for use in high performance storage and server systems, and high density dynamic random access memory, or DRAM, modules for networking, communications and industrial applications.
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