Vitesse Semiconductor Corp. looks to raise $16.1 million from a secondary public offering of 10 million shares of its common stock.
The Camarillo-based manufacturer and distributor will use the money for working capital and general corporate purposes.
The shares are priced at $1.75 and the offering will close on Dec. 12. Needham & Company LLC is managing the offering and Capital Group LLC is the co-manager.
Certain officers and directors of Vitesse Semiconductor Corporation are expected to participate in the offering, the company said in a prepared release.
Shares in Vitesse closed down at $1.82, or 13 percent, on the Nasdaq exchange.