UTStarcom Sells Shares to Banc of America Securities

UTStarcom agreed to sell 12.1 million shares of its common stock to Banc of America Securities. The company also granted Banc of America Securities an over-allotment option to purchase an additional 1.8 million shares of its common stock.


Shares of UTStarcom (UTSI) closed on 08-Jan-04 at $41.34.


The company said it intends to use the proceeds of this transaction (excluding any over-allotment option) from the offering for strategic and general corporate purposes such as, but not limited to, acquisitions, investments, working capital or capital expenditures. http://www.utstar.com