AudioCodes Prices $28 Mln Stock Offering

(RTTNews) - AudioCodes Ltd. (AUDC) said Wednesday that it has priced an underwritten public offering of 3.5 million of its ordinary shares at a purchase price of $8.00 per share.

The gross proceeds to AudioCodes from this offering are expected to be about $28 million, before deducting underwriting discounts and other estimated offering expenses.

The company has granted the underwriters a 30-day option to purchase up to an aggregate of 525,000 additional ordinary shares to cover overallotments, if any.

The offering is expected to close on or about March 10.

AudioCodes plans to use the net proceeds of the offering for general corporate purposes, which may include, among other things, working capital requirements and future acquisitions.