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SANTA CLARA - SiTime Corporation (NASDAQ:SITM) filed a preliminary prospectus supplement with the SEC for a proposed $350 million common stock offering, according to a press release statement issued Tuesday. The offering represents a significant capital raise for the company, which currently maintains a market capitalization of approximately $570 million. According to InvestingPro analysis, the stock appears undervalued at its current price of $33.92.
The precision timing company also plans to grant underwriters a 30-day option to purchase up to an additional $52.5 million of common stock shares. The offering remains subject to market conditions with no guarantee of completion timing or final terms.
UBS Investment Bank and Stifel will serve as joint lead book-running managers for the offering, with Needham & Company acting as an additional joint book-running manager.
SiTime filed the registration statement for this offering with the SEC on February 26, 2024, which became effective upon filing. The company has also submitted a preliminary prospectus supplement for the proposed offering.
The semiconductor company specializes in MEMS programmable timing solutions and has shipped more than 3.5 billion devices, according to the release.
The announcement comes after SiTime filed its most recent Form 10-Q for the quarter ended March 31, 2025, with the SEC on May 8, 2025.
The offering will be made only through a prospectus supplement and accompanying prospectus, with copies available from the underwriters.
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