Shimmick prices offering of 3.7M share at $3.50/shr

Shimmick Corporation has priced its initial public offering of 3,575,000 shares of common stock at $7.00 per share, raising a total of $25.025 million before underwriting discounts and commissions. The company has also granted the underwriters a 30-day option to purchase up to an additional 536,250 shares at the same price. Trading of the shares is expected to begin on the Nasdaq Global Market on November 14, 2023, under the ticker symbol “SHIM,” with the offering expected to close on November 16, 2023, subject to customary conditions.

The company plans to use the net proceeds from the offering primarily to repay outstanding indebtedness, with any remaining funds allocated to working capital and general corporate purposes, including potential future acquisitions. Roth Capital Partners is serving as the sole book-running manager, while Craig-Hallum Capital Group LLC is acting as co-manager for the offering.

A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission and was declared effective on November 13, 2023. Investors may obtain copies of the final prospectus from the underwriters or via the SEC’s website.