Shares of Vitesse Semiconductor Corp. fell more than 17 percent on Wednesday after the chipmaker announced plans to sell $30 million of common stock in an underwritten public offering.

The Camarillo supplier of integrated circuits for the communications industry will use net proceeds for working capital, general corporate purposes and repaying or restructuring debt.

New York's Needham & Company LLC is the book-running manager for the offering.

Shares in Vitesse closed down 48 cents, or 17.6 percent, to $2.27 on the Nasdaq.