WASHINGTON (dpa-AFX) - TranSwitch Corporation (TXCC), a semiconductor solutions provider, announced Friday that it has filed a prospectus supplement to sell up to approximately $10 million of its common stock through at-the-market, or ATM, offering.
The company said that if the filing is utilized, the shares will be offered through MLV & Co.LLC (MLV) as sales agent. Under the guidance of TranSwitch, MLV will use its efforts to sell the shares at market price from time to time, including sales made directly on The NASDAQ Capital Market.
The company said that it plans to use the proceeds from sales of the ATM offering for product development, working capital and other general corporate purposes.
The company noted that the agreement with MLV will automatically terminate either on the issuance and sale of all shares or the three-year anniversary of the date hereof.
The company also said that any sales in the ATM offering would be made pursuant to the prospectus supplement dated February 10.
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