Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) is again trying to hold a secondary offering on Nasdaq, three months after pulling its previous offering. The company is offering five million shares under its current shelf prospectus with the US Securities and Exchange Commission (SEC). It also granted the underwriters a 30-day over-allotment option to purchase up to 750,000 additional shares.
On the basis of Allot's closing price of $15.29 yesterday, the offering will total a gross $76.5 million, which could increase to $87.9 million if the underwriters exercise their over-allotment options in full.
Allot said that it intends to use the net proceeds from the offering for general corporate purposes, including working capital and potential acquisitions.
Allot's share price fell 6.8% in premarket trading on Nasdaq today to $14.23, giving a market cap of $370 million, after falling 8.1% on the TASE to NIS 52.20.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2011
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