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CUI Global shares nudge higher as it prices offering

The net proceeds of the offering are expected to be used mainly for corporate proceeds,
CUI Global shares nudge higher as it prices offering
The firm will issue 6.4mln shares at US$2.80 each, it said

Shares in CUI Global Inc (NASDAQ:CUI) nudged up a tad in New York as it announced the pricing of its previously announced public offering of over 6.4mln shares at US$2.80 each.

The firm has also granted the underwriter a 45-day option to purchase at the public offering price up to a further 964,285 shares to cover over-allotments.

Shares in New York ticked up today 0.34% to C$2.99 each.

The offering is expected to close on October 23 this year, it added, and total gross proceeds are expected to be around US$18mln.

The net proceeds are expected to be used mainly for corporate proceeds, including to promote its products, advance product candidates, future acquisitions or share repurchases, and to satisfy debt obligations.

Earlier this week, the group said its digital power monitoring subsidiary had been awarded the first major order for its ICE Switch - aimed at unlocking capacity in data centers.

The order is for 950 ICE units and it is expected to be delivered in full in January of 2018. It is intended to support a quickly ramping customer deployment in China.

The device is a power monitoring and switching system that connects to Virtual Power Systems' (VPS) ICE (Intelligent Control of Energy) Software to provide dynamic redundancy inside a data center.

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