Orckit Communications Ltd. announces commencement of initial public offering.TEL AVIV, Israel--(BUSINESS WIRE)--Sept. 27, 1996--Orckit Communications Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM:ORCTF) on Friday announced an initial public offering of 3.3 million of its ordinary shares at a public offering price of $16.00. Of the 3.3 million ordinary shares being offered to the public, 2.5 million shares are being offered by Orckit and 800,000 shares are being offered by certain selling shareholders of the company. The offering is being managed by an underwriting group led by Alex, Brown & Sons Inc., Montgomery Securities and Oppenheimer & Co. Inc. The company and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 495,000 ordinary shares to cover over-allotments. Orckit designs, develops, manufactures and markets digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL) systems that enable telephone companies to cost-effectively provide efficient, high-speed digital transmission of data, voice and video over the "last mile" of the existing telephone network. The company's initial product is a high bit-rate digital subscriber line (communications, protocol) High bit-rate Digital Subscriber Line - (HDSL) A form of Digital Subscriber Line, providing T1 or E1 connections over two or three twisted-pair copper lines, respectively. (HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line ) system being sold to telephone companies and private carriers in Israel, South Africa, Southeast Asia, Europe and South America. The company is currently developing both asymmetric digital subscriber line (communications, protocol) Asymmetric Digital Subscriber Line - (ADSL, or Asymmetric Digital Subscriber Loop) A form of Digital Subscriber Line in which the bandwidth available for downstream connection is significantly larger then for upstream. (ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line ) and very high bit-rate digital subscriber line (communications, protocol) Very high bit-rate Digital Subscriber Line - (VDSL) A form of Digital Subscriber Line similar to ADSL but providing higher speeds at reduced lengths. (VDSL See DSL. VDSL - Very high bit-rate Digital Subscriber Line ) systems, as well as an application-specific DSL-based system, FastInternet, that will provide fast access to the Internet and other on-line services. A final prospectus relating to these securities may be obtained from Alex, Brown & Sons Inc. at 135 E. Baltimore St., Baltimore, Md. 21202, 800/638-2596; Montgomery Securities at 600 Montgomery St., San Francisco, Calif. 94111, 415/627-2000; or Oppenheimer & Co. Inc., Oppenheimer Tower, World Financial Center, 200 Liberty St., New York, N.Y. 10281, 800/999-OPCO. This media release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. -0- NOTE: Orckit Communications Ltd.'s principal executive offices are located at 38 Nahalat Yitzhak St., Tel Aviv 67448, Israel. CONTACT: Orckit Communications Ltd. Izhak Tamir, President Dan Arazi, Vice President, Marketing and Sales (972-3) 696-2121 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion