04:28 AM EST, 12/06/2024 (MT Newswires) -- Semtech ( SMTC ) said Thursday that it priced an underwritten public offering of about 9.1 million shares of its common stock at $63 per share for total expected gross proceeds of about $575 million, upsized from $400 million.

The company also granted the underwriters a 30-day option to buy up to an additional about 1.4 million shares of its common stock. The offering is expected to close on Monday.

The company said it plans to use the net proceeds for the repayment of certain debt.

Semtech's ( SMTC ) shares fell more than 5% aftermarket hours on Thursday.