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October 2, 2006

Cray files to sell $80 million in stock

Posted by Benjamin J. Romano at 12:35 PM

Supercomputer maker Cray is planning to sell up to $80 million in stock, plus up to $12 million for its underwriters. In a regulatory filing Friday, the Seattle company said it will use the funds raised from the offering for general corporate purposes, product development and capital expenditures.

At the stock's current price, $10.83, the company would have to sell about 7.4 million shares to raise $80 million, plus 1.1 million to cover over-allotments for underwriters, including Thomas Weisel Partners and Needham & Company.

Cray's shares were trading down.

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