ORBCOMM Inc., a global satellite data communications company focused on providing Machine to Machine (M2M) solutions, today announced the pricing of its initial public offering of 9,230,800 shares of common stock at a price of $11.00 per share. The underwriters in the offering have a 30-day option to purchase up to 1,384,620 additional shares at the initial public offering price of $11.00 per share to cover over-allotments, if any.
UBS Investment Bank is acting as the sole book-running manager and Morgan Stanley is acting as joint lead manager for the offering. Banc of America Securities LLC and Cowen and Company, LLC are acting as co-managers of the offering. A copy of the prospectus relating to this offering may be obtained from UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, NY 10171, (212) 821-3884.
The common stock will trade on the NASDAQ Global Market under the symbol “ORBC”. A registration statement relating to these securities was declared effective on November 2, 2006. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ORBCOMM
ORBCOMM is a leading global satellite data communications company focused on providing Machine to Machine (M2M) solutions. ORBCOMM provides low cost and reliable two-way data communications services to customers around the world. Our system consists of global network of 30 low-earth orbit (LEO) satellites and accompanying ground infrastructure. ORBCOMM has customer base which includes industry leaders such as General Electric, Caterpillar Inc., Volvo Group and Komatsu Ltd. ORBCOMM’s products and services track, monitor and control mobile and fixed assets in four core markets including commercial transportation, heavy equipment, industrial fixed assets, and marine/homeland security. The company’s products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. The company is headquartered at 2115 Linwood Avenue, Suite 100, Fort Lee, NJ 07024, telephone (201) 363-4900.
