EMCORE CORP (EMKR) SPO
|Company Name||EMCORE CORP|
|Company Address||10420 RESEARCH ROAD, SE
ALBUQUERQUE, NM 87123
|CEO||Hong Q. Hou|
|Employees (as of 9/30/2011)||1000|
|State of Inc||NJ|
|Fiscal Year End||9/30|
|Exchange||Nasdaq National Market|
|Shares Over Alloted||0|
|Shareholder Shares Offered||--|
|Lockup Period (days)||180|
|Quiet Period Expiration||11/12/2012|
We estimate that our net proceeds from this offering, after underwriting discounts, will be approximately $8.265 million (approximately $9.505 million if the underwriter exercises in full its option to purchase additional shares). We intend to use the net proceeds from this offering for general corporate purposes, including research and development expenses, capital expenditures, working capital and general and administrative expenses, and potential acquisitions of or investments in businesses, products and technologies that complement our business, although we have no present commitments or agreements to make any such acquisitions or investments.
The markets for our products in each of our reporting segments are extremely competitive and are characterized by rapid technological change, frequent introduction of new products, short product life cycles, and significant price erosion. We face actual and potential competition from numerous domestic and international companies. Many of these companies have greater engineering, manufacturing, marketing, and financial resources than we have. Partial lists of our competitors in the markets in which we participate include: Fiber Optics CATV Networks . Our primary competitors include Applied Optoelectronics and Finisar at the subsystem level and Applied Optoelectronics and Sumitomo Electric Device Innovations at the component product level. FTTP and Telecommunications Networks . Our primary competitors include Cyoptics, Mitsubishi, and Source Photonics for FTTP components and transceivers. For 10 Gb/s tunable transponders, our primary competitors include Finisar, JDSU, NeoPhotonics, Oclaro, and Opnext. Data Communications, Storage Area Networks and Parallel Optic Device Products . Our primary competitors include Avago, Finisar, and Opnext. Satellite Communications Networks . Our primary competitors are Foxcom and MITEQ, Inc. Video Transport Products . Our primary competitors are Evertz and Telecast. Photovoltaics Satellite Solar Power Generation. In the satellite solar power products market, we primarily compete with Azur Space Solar Power, Sharp, and Spectrolab, a subsidiary of Boeing. Terrestrial Solar Power Generation . In the terrestrial solar power products market, we primarily compete with Azur Space Solar Power and Spectrolab on the solar cell side, and Amonix, Concentrix, and SolFocus on the solar power systems side. In addition to the companies listed above, we compete with many research institutions and universities for research funding. We also sell our products to current competitors and companies with the capability of becoming competitors. As the markets for our products grow, new competitors are likely to emerge and current competitors may increase their market share. In the European Union (“EU”), political and legal requirements encourage the purchase of EU-produced goods, which may put us at a competitive disadvantage against our European competitors. There are substantial barriers to entry by new competitors across our product lines. These barriers include the large number of existing patents, the time and costs required to develop products, the technical difficulty in manufacturing semiconductor-based products, the lengthy sales and qualification cycles, and the difficulties in hiring and retaining skilled employees with the required scientific and technical backgrounds. We believe that the primary competitive factors within our current markets are product cost, yield, throughput, performance and reliability, breadth of product line, product heritage, customer satisfaction, and customer commitment to competing technologies. Competitors may develop enhancements to or future generations of competitive products that offer superior price and performance characteristics. We believe that in order to remain competitive, we must invest significant financial resources in developing new product features and enhancements and in maintaining customer satisfaction worldwide.
We are a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets. We were established in 1984 as a New Jersey corporation. We have two reporting segments. Our Fiber Optics segment offers optical components,
subsystems and systems for high-speed telecommunications, Cable Television (CATV) and Fiber-To -The-Premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications. Our Solar Photovoltaics business segment provides products for both space and terrestrial solar power applications. For space applications, we offer high-efficiency multi-junction solar cells, Covered Interconnect Cells (CICs) and complete satellite solar panels. For terrestrial applications, we offer a broad portfolio of Concentrator Photovoltaic (CPV) multi-junction solar cells and components. ------ Our headquarters and principal executive offices are located at 10420 Research Road, SE, Albuquerque, New Mexico, 87123, and our main telephone number is (505) 332-5000. Our website is www.emcore.com.
|Company Counsel||Dillon, Bitar & Luther, L.L.C and Jenner & Block LLP|
|Company Counsel||Stradling Yocca Carlson & Rauth, P.C|
|Lead Underwriter||B. Riley & Co., LLC|
|Transfer Agent||American Stock Transfer & Trust Company, LLC|
|Underwriter Counsel||Sullivan & Cromwell LLP|