Vitesse Semiconductor Corp. will sell $30 million worth of its common stock in an underwritten public offering.

The Camarillo supplier of integrated circuits for the communications industry will use the proceeds for working capital, general corporate purposes and repaying or restructuring debt.

Needham & Company LLC, an investment banking and asset management firm headquartered in New York City, is the book-running manager of the offering.

Shares in Vitesse closed down 48 cents, or 17.6 percent, to $2.27 on the Nasdaq.