Pixelworks will offer 2.63M shares at $3.50/share in follow-on

|By:, SA News Editor

Pixelworks (PXLW -8.2%) adds to yesterday's AH losses after it announces the details of its follow-on offering. The company will sell 2.63M common shares (equal to 14% of current shares outstanding) at $3.50/share (6.4% discount to today's opening price). The over-allotment option is for 394.5K additional shares.

The company intends to use the proceeds for working capital, opex, and capex for its multimedia projector, television, and mobile solutions.

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