Stock Alert: SiTime Slips 10%

(RTTNews) - Shares of SiTime Corp. (SITM) are currently losing over 10% after the Apple supplier said it raised nearly $190 million in a follow-on public offering.

SITM is currently trading at $125.25, down $15.03 or 10.71%, on the Nasdaq.

SiTime announced the pricing of its follow-on public offering of 3 million shares at $127.00 per share. The offering includes 1.5 million shares to be sold by MegaChips and 1.5 million shares sold by SiTime.

The gross proceeds of the offering to SiTime are expected to be $190.5 million. The offering is expected to close on February 22, 2021. SiTime will not receive any proceeds from the sale of shares of common stock by MegaChips Corp.

SiTime is a semiconductor company that provides silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally.