Monday, May 14, 2007

Upek files for IPO

"Upek Inc., a spin-off from STMicroelectronics N.V. that makes fingerprint scanners, filed with the Securities and Exchange Commission on Monday for an initial public offering of up to $86.25 million in stock.

The Emeryville, Calif.-based company said it intends to apply to list its common stock on the Nasdaq Global Market, under the symbol UPEK.

Upek said it intends to use the net proceeds from the IPO for working capital and other general corporate purposes. It may also use a portion of the net proceeds to repay credit facility or acquire other businesses, products or technologies."

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