SOURCE: Ikanos Communications

Ikanos Communications

November 11, 2010 09:24 ET

Ikanos Announces Pricing of Public Offering of 11,143,800 Shares of Common Stock

FREMONT, CA--(Marketwire - November 11, 2010) - Ikanos Communications, Inc. (NASDAQ: IKAN) today announced the pricing of its underwritten public offering of up to 11,143,800 shares of its common stock at a price to the public of $1.05 per share. The offering is expected to close on November 16, 2010, subject to customary closing conditions. The Company also granted the underwriter a 30-day option to purchase up to an additional 1,671,570 shares of common stock. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $10,768,000, assuming the underwriter does not exercise its option to purchase additional shares of common stock. All of the shares are being offered by the Company.

The Company intends to use the net proceeds of the offering for general corporate purposes.

Needham & Company, LLC is acting as sole book-running manager for the offering.

The shares are being issued pursuant to an effective shelf registration statement. Printed copies of the prospectus supplement and prospectus relating to the offering may be obtained, when available, from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, at (212) 371-8300. 

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy the Company's common stock, nor shall there be any sale of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such state or jurisdiction. This offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement.

About Ikanos Communications, Inc.
Ikanos Communications, Inc. is a provider of advanced broadband semiconductor and software products for the digital home. The Company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for network equipment manufacturers and telecommunications service providers.

Ikanos Communications Cautionary Statement
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Such forward-looking statements are based on our current expectations, assumptions and projections about future events related to our products, industry and business, management's beliefs, and certain assumptions, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. These statements may include, but are not limited to, statements regarding the ability of Ikanos to satisfy the conditions to the closing of the offering and the intended use of the net proceeds from the offering. For a further discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Ikanos' Annual Report and its most recent Quarterly Report on Form 10-Q for the quarter ended October 3, 2010. Ikanos cannot assure that the events and circumstances reflected in any forward-looking statements will be achieved or occur, nor does Ikanos undertake any obligation to update any forward-looking statements for any reason after the date of this press release.

Contact Information

  • Contact:

    Margo Westfall
    Ikanos Communications
    Email Contact