Pixelworks Closes Stock Offering

(RTTNews) - Pixelworks, Inc. (PXLW) said Wednesday that it has closed its public offering of 2.63 million shares of common stock, plus an additional 394,500 shares of common stock pursuant to the exercise in full of an overallotment option granted to the underwriter, at a price of $3.50 per share.

Pixelworks plans to use the net proceeds from the offering for general corporate purposes, which may include, among other things, increasing its working capital, financing of ongoing operating expenses and overhead, and funding of capital expenditures, such as the continued development of solutions for the multimedia projector, high-end television, and mobile device markets.

Pending the application of the net proceeds, the company may invest the proceeds in marketable securities and short-term investments.