Rubicon -8.2% AH, to sell $28.2M in shares

|About: Rubicon Technology, Inc. (RBCN)|By:, SA News Editor

Shares of Rubicon Technology (RBCNdrop 8.2% in AH trading after the company announces it will sell $28.2M in common shares (with a 15% overallotment) pursuant to its underwriting agreement with Canaccord Genuity.

The follow-on represents a dilution of 10.4% as of today's closing price.

Rubicon will use net proceeds to fund R&D, capacity expansion, and general corporate purposes.

Through today's close, shares were up 36.2% from Dec. lows and 127.4% from last Feb.'s lows.