Magnachip Semiconductor (MX) entered into an at-the-market issuance sales agreement with B. Riley Securities to offer and sell up to $50 million of its common shares, the chipmaker said in a late Wednesday filing.
Magnachip plans to use net proceeds from the sales for general corporate purposes, including investments in strategic growth initiatives and technologies that support artificial intelligence data centers and robotics, according to the filing.
Shares of Magnachip were up 1.4% in Thursday's pre-bell activity.
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