the remainder being used for general corporate purposes

Murata Electronics North America, an innovator in electronics and the largest global supplier of ceramic passive components, recently introduced an anti-fuse element for light emitting diodes (LEDs). Developed to control open defects in LEDs, Murata's anti-fuse device prevents the lowering of power supply voltage, typically observed in Zener diodes, which results in higher energy efficiency. Other key benefits include a simple and economical circuit design, the reduction of color unevenness and small size.

Reduced power consumption is one of the main reasons LED lighting fixtures are in demand. However, LEDs are typically connected in series and therefore are at risk of failure if a single LED becomes open. The solution is to re-route current flow around the open LED. Murata's new anti-fuse element is connected in parallel to a serial LED, allowing each LED to stay lit should one become open. This allows for uninterrupted and even light, reduced maintenance costs and increased energy efficiency. The company's anti-fuse element can be used in all LED lighting fixtures and is especially well suited for large outdoor lights that generally require more maintenance.The allowable current is 350mA with a nominal voltage of 4V and a trigger voltage of 20V. Before activation, the insulating resistance is 1MΩ and the resistance after activation is less than 3Ω. This new product is available in sample quantities for 40 cents and lead times are approximately eight to 10 weeks starting January 2010.

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. The offering is expected to be completed on September 16, 2009, subject to customary closing conditions.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.Morgan Securities Inc. was the sole book-running manager for the offering, BofA Merrill Lynch was the lead manager, and Piper Jaffray, Morgan Keegan, Oppenheimer and America's Growth Capital acted as co-managers.