|[January 17, 2014]
ORBCOMM Announces Pricing of Public Offering of Common Stock
ROCHELLE PARK, N.J. --(Business Wire)--
ORBCOMM (News - Alert) Inc. (Nasdaq: ORBC), a leading global provider of
Machine-to-Machine (M2M) solutions, announced today that it priced its
underwritten registered public offering ("Offering"), subject to market
and other conditions, of 5,500,000 shares of its common stock, par value
$0.001 per share, at a price of $6.15 per share. In connection with the
Offering, ORBCOMM has granted the underwriters an over-allotment option
to purchase up to 825,000 additional shares of its common stock. ORBCOMM
is offering all of the shares and will receive all the net proceeds of
the Offering. The Offering is expected to close on January 23, 2014,
subject to customary closing conditions.
ORBCOMM intends to use the Offering net proceeds for future acquisitions
as part of our strategy to pursue growth opportunities and/or for
general corporate purposes, which may include, among other things,
investments in its next generation end-to-end solutions and products,
debt repayment, working capital and capital expenditures. Net proceeds
may be temporarily invested before use.
Raymond James & Associates, Inc. is acting as sole book-running manager
for the Offering. Canaccord Genuity Inc. and Craig-Hallum Capital Group
LLC are acting as co-managers for the Offering.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (the "SEC (News - Alert)") and is effective. A
preliminary prospectus supplement relating to the offering will be filed
with the SEC and will be available on the SEC's web site at www.sec.gov.
When available, copies of the preliminary prospectus supplemet may also
be obtained from Raymond James & Associates, Inc., Attention: Syndicate,
880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at
1-800-248-8863, or by email at email@example.com.
This press release is not an offer to sell and is not soliciting an
offer to buy any of the securities, nor shall there be any offer or sale
of the securities in any jurisdiction where the offer or sale is not
About ORBCOMM Inc.
ORBCOMM is a global provider of Machine-to-Machine (M2M) solutions. Its
customers include Caterpillar Inc., Doosan Infracore America, Hitachi (News - Alert)
Construction Machinery, Hyundai Heavy Industries, I.D. Systems, Inc.,
Komatsu Ltd., Cartrack (Pty.) Ltd., and Volvo Construction Equipment,
among other industry leaders. By means of a global network of low-earth
orbit (LEO) satellites and accompanying ground infrastructure as well as
our Tier One cellular partners, ORBCOMM's low-cost and reliable two-way
data communication services track, monitor and control mobile and fixed
assets in our core markets: commercial transportation; heavy equipment;
industrial fixed assets; marine; and homeland security.
ORBCOMM is an innovator and leading provider of tracking, monitoring and
control services for the transportation market. Under its ReeferTrak®,
GenTrakTM, GlobalTrak®, and CargoWatch® brands, the company
provides customers with the ability to proactively monitor, manage and
remotely control their cold chain and dry transport assets.
Additionally, ORBCOMM provides Automatic Identification System (AIS)
data services for vessel tracking and to improve maritime safety to
government and commercial customers worldwide. ORBCOMM is headquartered
in Rochelle Park, New Jersey and has its network control center in
Dulles, Virginia. For more information, visit www.orbcomm.com.
Certain statements discussed in this press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to our plans, objectives, estimates and expectations
for future events and include statements about the company's
expectations, beliefs, plans, objectives, intentions, assumptions and
other statements that are not historical facts. Such forward-looking
statements, including those concerning the company's expectations and
estimates, are subject to known and unknown risks and uncertainties,
which could cause actual results to differ materially from the results,
projected, expected or implied by the forward-looking statements, some
of which are beyond the company's control, that may cause the company's
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. In
addition, specific consideration should be given to various factors
described in Part I, Item 1A. "Risk Factors" and Part II, Item 7.
"Management's Discussion and Analysis of Financial Condition and Results
of Operations," and elsewhere in our Annual Report on Form 10-K for the
year ended December 31, 2012, and other documents, on file with the
Securities and Exchange Commission. The company undertakes no obligation
to publicly revise any forward-looking statements or cautionary factors,
except as required by law.
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