Allegro MicroSystems Launches Primary Offering of Common Stock
July 23 2024 - 3:05PM
Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global
leader in power and sensing solutions for motion control and
energy-efficient systems, today announced the launch of a primary
offering of 25,000,000 shares of common stock. In addition, Allegro
expects to grant the underwriters a 30-day option to purchase up to
an additional 3,750,000 shares of its common stock. Proceeds from
the offering, together with cash on hand or additional borrowings
under Allegro’s term loan facility or revolving credit facility,
will be used to repurchase shares from Allegro’s majority
shareholder, Sanken Electric Co., Ltd. (“Sanken”) at a price per
share equal to the price per share at which the underwriters will
purchase shares of our common stock in the equity offering from
Allegro. The offering is subject to market conditions, and there
can be no assurance as to whether, or when, the offering may be
completed or as to the actual size or terms of the offering.
Barclays, Morgan Stanley and UBS Investment Bank are acting as
joint lead book-running managers for the offering. PJT Partners is
acting as financial advisor to Allegro.
This offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (the “SEC”) on July 23, 2024. The shares of common stock
will be offered only by means of a prospectus supplement and the
accompanying prospectus forming a part of the effective shelf
registration statement. Before you invest, you should read the
prospectus in that registration statement and the documents
incorporated by reference in that registration statement, as well
as the prospectus supplement related to this offering.
Copies of the preliminary prospectus supplement related to this
offering and the accompanying prospectus may be obtained from
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, by telephone (toll-free):
(888) 603-5847 or by emailing: barclaysprospectus@broadridge.com;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, New York, New York 10014, or by emailing:
prospectus@morganstanley.com; or UBS Securities LLC, Attention:
Prospectus Department, 1285 Avenue of the Americas, New York, NY
10019, by telephone: (888) 827-7275 or by emailing:
ol-prospectusrequest@ubs.com. You may also obtain these and the
other documents referred to above for free by visiting the SEC’s
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Allegro MicroSystems
Allegro MicroSystems, Inc. is a leading global designer,
developer, fabless manufacturer and marketer of sensor integrated
circuits (“ICs”) and application-specific analog power ICs enabling
emerging technologies in the automotive and industrial markets.
Allegro’s diverse product portfolio provides efficient and reliable
solutions for the electrification of vehicles, automotive ADAS
safety features, automation for Industry 4.0 and power-saving
technologies for data centers and clean energy applications.
About Sanken
Sanken’s mission as a company is to provide optimal solutions in
the broad and expansive field of electricity and electronics with
semiconductors, its core business, power electronics and peripheral
fields. Sanken provides products globally for the increasingly
electrified automotive industry, as well as for white goods and
industrial equipment, which are becoming more energy efficient as
demand for electricity increases. Sanken Electric works to
constantly innovate its technological capabilities and provides
products of assured quality to help solve global environmental and
social issues and further develop industry, the economy and
culture.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding the
expected sale of common stock in the offering and the repurchase of
shares from Sanken, each as described above. These forward-looking
statements are based on management’s current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, the factors discussed
under the caption “Risk Factors” in the prospectus supplement
related to this offering, our Annual Report on Form 10-K for the
fiscal year ended March 29, 2024, filed with the SEC on May 23,
2024, and our other filings with the SEC, any of which could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change, except as required by law. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Contact:Jalene HooverVP of Investor Relations
& Corporate Communications+1 (512)
751-6526jhoover@allegromicro.com
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