Mindspeed Technologies completes offering of 2.52 million shares for $17 million in proceeds

Mindspeed completes $17 million stock offering

NEWPORT BEACH, Calif. — Mindspeed Technologies Inc. said Tuesday that it completed its previously announced public stock offering and made about $17 million in net proceeds from the transaction.

The company, which designs chips for networking equipment, offered 2.52 million shares of common stock at $7.25 each. Total proceeds were $18.3 million, before commissions and other expenses.

The company intends to use the funds for general corporate purposes, including capital expenditures, and to possibly refinance debt.

Mindspeed’s stock fell 13 cents to close the regular trading session at $7.90.