Palantir shares rise 5% premarket as AI-fueled demand powers annual guidance raise
Investing.com -- SiTime Corporation (NASDAQ:SITM) shares dropped 3.2% after the precision timing company announced plans for a follow-on public offering of $350 million in common stock.
The company, which filed a preliminary prospectus supplement with the U.S. Securities and Exchange Commission, also intends to grant underwriters a 30-day option to purchase up to an additional $52.5 million in shares. SiTime noted that the offering is subject to market conditions, with no assurance regarding its completion or final terms.
UBS Investment Bank and Stifel will serve as joint lead book-running managers for the offering, with Needham & Company joining as a joint book-running manager. The announcement comes as the company looks to raise capital, though specific uses for the proceeds were not detailed in the filing.
SiTime Corporation, which trades on the Nasdaq under the ticker SITM, specializes in precision timing solutions. The stock’s negative movement reflects typical market reaction to potential share dilution that often follows announcements of significant new stock offerings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.