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Rubicon Technology, Inc. Announces the Sale of $28.2 Million of Common Stock

Date Announced: 07 Jan 2014

Sapphire specialist raises cash.

BENSENVILLE, Ill.--(BUSINESS WIRE)--Rubicon Technology, Inc. (RBCN), a leading provider of sapphire substrates and products to the LED, semiconductor and optical markets, today announced the sale of $28.2 million of its common stock pursuant to an underwriting agreement with Canaccord Genuity Inc.

The last reported sale price of Rubicon’s common stock as reported by the NASDAQ Global Market on January 7, 2014 was $11.44 per share.

Rubicon intends to use the net proceeds to fund research and development of new products, for capacity expansion and for general corporate purposes. Closing of the offering is expected to occur on or about January 14, 2014, subject to customary closing conditions.

In addition, Rubicon has granted the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15% of the number of shares of common stock sold in the offering.

Canaccord Genuity Inc. is acting as sole book-running manager for the offering.

Source: Rubicon Technology

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