September 22, 2009 (FinancialWire) — Cree, Inc. (NASDAQ: CREE), announced that the underwriters of its recent public offering of common stock have fully exercised their overallotment option, resulting in the issuance of an additional 1,650,000 shares. The option was granted in connection with the public offering of 11,000,000 shares of common stock at a public offering price of $35.50 per share, which closed on September 16, 2009.

The exercise of the overallotment option brings the expected total net proceeds of the public offering to $434.1 million, after deducting offering expenses and underwriting discounts and commissions payable by Cree. Cree intends to use the proceeds from the offering for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.

J.P. Morgan Securities Inc. was the sole book-running manager for the offering, BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America’s Growth Capital acted as co-managers.

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