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Cray raises $81 million in public offering

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Cray raises $81 million in public offering

Seattle (WA) – Cray today said that it has raised $81.3 million in a public offering of 8,625,000 shares of common stock at a price of $10.00 per share. The company said that it intends to use the funds to support its working capital and other general corporate purposes, including funding product development and capital expenditures.

Cray’s stock is currently on the lower end of the share price range since the firm’s IPO in September 1995. The stock peaked at $69.50 on August 25, 1997 and hit a low of $3.40 on September 19, 2005. Following today’s public offering the stock peaked today at $10.90 and closed at $10.56, down from $10.76 yesterday. Cray currently has a market capitalization of $246 million.