OCZ joins the ranks of publicly traded computer companies
Several weeks ago, we mentioned that OCZ Technologies had taken steps to go public on the AIM stock exchange in London. Several investment firms in London have confirmed to DailyTech that the initial public offering is expected to occur in approximately two weeks as the company has officially filed the paperwork with the British government.
The company filing claims that OCZ will offer approximately 40 million shares of stock at 0.65 British Pounds (about $1.25 USD) per share. OCZ partners claim the company is planning to buy a new research and development center in Taiwan and use the remaining capital to broker better deals with memory manufacturer suppliers. OCZ, like many other US memory companies, relies on distributors and spot market brokers to negotiate memory sales and as a result currently must pay high premiums for brokers to purchase memory rather than buying from Samsung or Hynix directly.
According to British press, the company has repeatedly stated the additional capital not tied up in opening new facilities or memory purchasing will be used for "aggressive acquisition targets." OCZ spokesmen declined to comment for DailyTech.
After the US Sarbanes-Oxely Act of 2002 (SOX as it's commonly called), smaller technology companies have have opted for IPOs outside of the US. As a publically traded company outside of the US, OCZ will not have to follow the US SEC regulations -- which can be a bit of a blessing or a curse. Without SOX, the company does not have to spend as much money on corporate auditing, which saves the company money in the long run. On the other side of the coin, the United Kingdom does not have the same level of corporate accountability required by the US SEC -- meaning companies that file on the London Stock Exchange are potentially riskier to invest in.
OCZ currently has offices in the Netherlands, San Jose and Canada. OCZ is also an advertiser for DailyTech.com.
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