Camtek Shares Drop 13%

Camtek shares fell 13% on Thursday after pricing the sale of 4.3 million shares at $2.85 each, just $0.10 higher than the 52-week low. CAMT is trading near the lower end of the 52-week range between $2.75 and $5.14.

The maker of automated solutions dedicated for enhancing production processes and yield for the semiconductor manufacturing said it has also granted underwriters a 30-day option to acquire an additional 450,000 shares to cover any over-allotments.

Net proceeds are expected to be approximately $11 million, which it plans to use for general corporate purposes.