San Diego Business Journal

Cohu Filing Could Put Big Bucks in Co.'s Hands

By Brad Graves Sunday, January 8, 2017
   

A recent securities filing shows Cohu Inc. is keeping its options open, and might want to raise more funds to finance future business opportunities.

The news came shortly before the company finalized its acquisition of a Japanese company.

Cohu (Nasdaq: COHU) filed a shelf registration Jan. 3 to sell up to $150 million of securities. These could be in the form of common stock, preferred stock, debt securities or warrants.

Cohu said it has no current plans to issue securities, and the Securities and Exchange Commission has not yet declared its registration effective.

Poway-based Cohu makes equipment for semiconductor factories, as well as contractors who test semiconductors once they come out of the factory.

Cohu announced Jan. 5 that it wrapped up its acquisition of Japan-based Kita Manufacturing Co. Ltd., a maker of spring probe contacts. Cohu is paying $15 million and an additional sum that could be up to $3 million based on company performance; Cohu is also assuming Kita’s debt.

The Poway company said in its shelf registration that it wanted to use any new funds for general corporate purposes, including working capital, capital expenditures, other corporate expenses or acquisitions. The latter could include acquisitions of complementary products, technologies or businesses.

Cohu had 26.8 million shares outstanding as of Dec. 29. The company is authorized to issue up to 60 million shares of stock.

Shares of Cohu closed Jan. 5 at $13.73, giving the company a market capitalization that day of about $368 million.