NOVATO -- Media software developer Sonic Solutions Inc. (Nasdaq: SNIC) today said it expects to raise $27.5 million from an offering of 3 million shares of common stock.
The company said it entered an underwriting agreement Wednesday with William Blair & Company LLC and Canaccord Adams Inc. to purchase 2.7 million and 300,000 shares, respectively, at $9.70 a share.
Sonic intends to use proceeds to fund research and development.
They have a 30-day option to purchase 450,000 more shares to cover any over-allotment.
At 12:30 p.m. today the price of Sonic's stock was $11.01 a share, an increase of $1.32 and 13.6 percent from the closing price Wednesday.