March 22, 2010 (FinancialWire) — Netlist, Inc. (NASDAQ: NLST) has priced an underwritten public offering of 3.995 million shares of its common stock at $3.85 per share for gross proceeds of around $15.38 million. This represents an increase of approximately 33%, or an additional 995,000 shares, from the previously reported offering size of three million shares of common stock.

Needham & Co., LLC is acting as the sole book-running manager.

Netlist said it expects to receive net proceeds of around $14.12 million.

The company has also granted the underwriters a 30-day option to purchase up to 599,250 additional shares at the public offering price to cover over-allotments, which would result in additional net proceeds of around $2.17 million if exercised in full.

The offering is scheduled to close on or about March 24.

Netlist plans to use the net proceeds from the offering for its operations, including marketing, research and development, working capital, and for other general corporate purposes.

California-based Netlist designs and manufactures high-performance memory subsystems for the server and high- performance computing and communications markets.

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