Struggling circuit board maker DDi Corp. of Anaheim said on Friday it wrapped up a $75 million stock sale.
DDi sold about 100 million shares in all, offering current stockholders the right to buy an extra 3.86 shares for each share owned at 75 cents apiece.
The company said it plans to use the money to pay stock dividends, buy back shares, pay off debt due in 2009 and for operations.
DDi said it expects to spend $41 million to buy two-thirds of its outstanding preferred stock. It’s paying another $19 million to buy back notes from its DDi Captial Corp. unit.
Like other circuit board makers, DDi has wrestled with lessened demand and a glut of products on the market, which has pushed down prices.
DDi underwent a bankruptcy reorganization in 2003 and rode the technology rebound in 2004. The company’s market value went from nothing to $400 million.
The company’s market value now stands at $20 million.
