DURHAM -- Cree Inc. is raising the net proceeds of its public offering to an estimated $434.1 million with the announcement Thursday that the underwriters have exercised their overallotment option, resulting in the issuance of an additional 1.7 million shares.
The company had announced Sept. 10 that it was offering 11 million shares at $35.50 per share. That offering closed on Wednesday, bringing in $390.5 million.
Spokeswoman Michelle Murray said the company does not have a deadline on when the full transaction, expected to net the company $434.1 million after subtracting offering expenses and other fees, will close.
J.P. Morgan Securities Inc. was the sole book-running manager for the offering. BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America's Growth Capital acted as co-managers.
The Durham-based maker of LED lights also announced Thursday that it has won the top prize in the 2009 Lighting for Tomorrow -- Solid State Lighting Competition.
American cuts RDU flights
RALEIGH -- There will be fewer flights from Raleigh-Durham Airport, as a result of a new American Airlines strategy announced Thursday.
American Airlines will shift routes to more profitable destinations and cut service to three destinations from RDU, with a total of nine departures eliminated.
American Airlines will continue to have eight destinations, with 44 departures daily from RDU, the company said.
American Airlines also announced it has obtained $2.9 billion in additional liquidity that will be used to reallocate capacity to hubs in Dallas/Fort Worth, Chicago, Miami and New York, add a first class cabin to American Eagle's fleet of 25 Bombardier regional jets and purchase 22 additional aircrafts for delivery in the middle of 2010.
1st gamingSPARK begins today
RALEIGH -- Local students and video game developers will show off their latest projects at the first-ever gamingSPARK, a creative showcase of homegrown video games this weekend.
The inaugural event will kick off at 5 p.m. today at the Raleigh Urban Design Center and will host a tournament of Gears of War 2, open to anyone who wishes to participate.
In addition to checking out locally created games, attendees will enjoy an exclusive demonstration of Alii Motion Technology, which turns standard webcams into motion controllers, presented by Alex Lian of Duke.
The event will continue Saturday at 1 p.m. For more information, go to www.sparkcon.com/2009/09/18/video-games.
