SAN JOSE, Calif., March 13, 2012 (GLOBE NEWSWIRE) -- OCZ Technology Group, Inc., (Nasdaq:OCZ) a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, announced today that the underwriters of its recent public offering of 12,000,000 shares of common stock have partially exercised their over-allotment option to purchase an additional 1,013,991 primary shares.
The net proceeds from the over-allotment option exercise, which closed earlier today, are approximately $8.5 million, bringing the total net proceeds from the offering to approximately $109 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of outstanding borrowings under its agreement with Silicon Valley Bank for asset-based financing.
Credit Suisse Securities (USA) LLC and Stifel Nicolaus Weisel acted as joint book-running managers for the offering. Piper Jaffray & Co. and Needham & Company, LLC served as co-managers for the offering.
A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission on December 1, 2011 and had become effective. The offering was made only by means of a prospectus supplement and accompanying prospectus, forming a part of the registration statement.
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 jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A copy of the final prospectus relating to the offering may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, New York 10010, newyork.prospectus@credit-suisse.com, or by calling 800-221-1037, or Stifel Nicolaus Weisel, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling 415-364-2720.
About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ), is a leader in the design, manufacturing, and distribution of high performance and reliable Solid State Drives (SSDs) and premium computer components. OCZ has built on its expertise in high-speed memory to become a leader in the enterprise and consumer SSD markets, a technology that competes with traditional rotating magnetic hard disk drives (HDDs). SSDs are faster, more reliable, generate less heat and use significantly less power than the HDDs used in the majority of computers today. In addition to SSD technology, OCZ also offers high performance components for computing devices and systems, including enterprise-class power management products.
The OCZ Technology Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7439
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of our prospectus supplement and accompanying prospectus, forming a part of the registration statement on Form S-3, and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.