GSI Technology prices 1.51M shares at $10.00 in registered direct offering

GSI Technology (GSIT) entered into a securities purchase agreement with a single institutional investor providing for the purchase and sale in a registered direct offering of an aggregate of 1,508,462 shares of common stock at a purchase price of $10.00 per share and pre-funded warrants to purchase 3,491,538 shares of common stock at a purchase price of $9.99 per pre-funded warrant, which represents the per-share offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant. The closing of the registered direct offering is expected to occur on or about October 22, subject to the satisfaction of customary closing conditions. Needham & Company is acting as the sole placement agent for the registered direct offering. The gross proceeds to the Company from the offering are expected to be approximately $50M, before deducting placement agent commissions and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, for general corporate purposes, including development of the Company’s APU product line.