Cree (CREE) to Offer 11M Common Shares

Cree, Inc. (Nasdaq: CREE) today announced it has commenced an underwritten public offering of 11,000,000 shares of its common stock. The offering includes a 30-day option for the underwriters to purchase up to 1,650,000 additional shares to cover overallotments, if any. Cree is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.

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. is the sole book-running manager for the offering, Bank of America Merrill Lynch is the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America's Growth Capital are acting as co-managers.