Chip firm Ambiq Micro climbs after upsized stock offering

Ambiq Micro AMBQ.N shares reverse small premarket losses and climb 7% to $35 on Fri after chip designer's upsized follow-on

Austin, Texas-based co late Thurs announced pricing of ~2.7 mln shares, a 5.2% discount to last sale

Offering, which was boosted from 2.2 mln shares, includes 42,949 shares offloaded by certain holders

AMBQ expects to use net proceeds it receives primarily for general purposes, including sales and marketing activities, product development, and capex, per the prospectus

BofA and UBS joint lead bookrunners

AMBQ went public in Jul IPO priced at $24

Stock has traded as high as $51.76 (Aug 1) and as low as $22.12 (Nov 21)

2 of 4 analysts rate stock "strong buy" or "buy", 2 rate "hold"; median PT $36, per LSEG data