Ambiq Micro slides after unveiling stock offering

Shares of chip designer Ambiq Micro AMBQ.N fall 5.2% to $31.30 premarket

AMBQ unveils stock offering of 2.2 million shares

Austin, Texas-based AMBQ is offering 2.16 million shares, while certain stockholders will sell 42,949 shares

BofA Securities and UBS Investment Bank are joint lead book-running managers for offering

AMBQ will have 20.4 million outstanding shares after the offering, according to prospectus

Proceeds will be used for general purposes, including sales and marketing activities, product development and capital expenditure

Two of four brokerages rate the stock "buy" or higher and two "hold"; median PT $36 - data compiled by LSEG

As of last close, AMBQ shares up 37.6% since July debut