Maynard’s Acacia Communications is cashing in on its success with a public stock offering priced at $100 for 4,500,000 shares of common stock following a $104 million initial public offering.
The offering was priced last week and consists of 1,210,302 shares from Acacia Communications and 3,289,698 shares from certain existing stockholders, according to a release from the company. At the height of trading on Sept. 23, the stock reached a value of $119.34 a share. In the last few days, the stock has been trading slightly above $90.
Acacia Communications intends to use proceeds from the offering, roughly $121 million, for working capital and general corporate purposes. Acacia Communications will not receive any of the proceeds from any sale of shares by the selling stockholders.
