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BURLINGTON, Mass. - Nuance Communications Inc. said it will sell 5.6 million shares for $18.15 apiece in hopes of raising $110 million in proceeds.
| NUAN | 10.37 |  -0.34 |
The offer price represents a discount of 3 percent from the stock's closing price of $18.80 on Wednesday. In early trading Thursday, the stock fell $1.11, or 6 percent, to $17.69.
Nuance said it also granted underwriters a 30-day option to buy up to another 836,250 shares. Thomas Weisel Partners LLC is acting as the sole underwriter for the offering. If all the options are exercised, gross proceeds would reach $115 million.
As of April 30, Nuance had about 211.5 million shares outstanding.
The company said it will use proceeds for general corporate purposes, including working capital and to fund investments and acquisitions.
The offering is expected to close on or about June 10.
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