IOTS - NetworkNewsBreaks - Adesto Technologies Corp. (NASDAQ: IOTS) Closes $80.5 Million Private Offering
Adesto Technologies (NASDAQ: IOTS), a leading provider of innovative application-specific semiconductors for the IoT era, has closed on $80.5 million aggregate principal amount of 4.25% Convertible Senior Notes due 2024 in a private offering to qualified institutional buyers per Rule 144A promulgated under the Securities Act of 1933. According to the update, the closing included full exercise for $10.5 million of the over-allotment option. The notes will be senior, unsecured obligations of Adesto, bearing an interest rate of 4.25% per year payable semiannually in arrears, and will mature on September 15, 2024, unless earlier converted, redeemed or repurchased. Prior to June 15, 2024, the notes, at the holders’ option, will be convertible only under certain circumstances, and thereafter, at any time prior to the close of business on the business day immediately preceding the maturity date. The notes may be settled in shares of Adesto common stock, cash or a combination thereof, upon conversion, at the election of Adesto. ROTH Capital Partners acted as a co-manager for the offering.
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About Adesto Technologies
Adesto Technologies Corporation (NASDAQ: IOTS) is a leading provider of innovative application-specific semiconductors and embedded systems for the IoT. The company’s technology is used by more than 5,000 customers worldwide who are creating differentiated solutions across industrial, consumer, medical and communications markets. With its growing portfolio of high-value technologies, Adesto is helping its customers usher in the era of the Internet of Things. For more information, visit the company’s website at www.AdestoTech.com.
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