STOCKHOLDERS' EQUITY

12 Months Ended

Sep. 30, 2012

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Authorized Capital Stock

We are authorized to issue up to 250 million shares of common stock, par value $0.01, per share, of which 19.5 million shares are reserved for future potential issuance upon conversion of debt, 4.1 million shares of common stock have been reserved for issuance under our stock compensation plans, 1.7 million remaining shares of common stock are reserved for issuance under our 2011 ESPP, and 0.8 million are reserved for issuance upon conversion of Series B Preferred Stock.

We are authorized to issue up to 10 million shares of preferred stock, par value of $0.01 per share, of which 0.8 million shares have been designated as Series B Preferred Stock. As of September 30, 2012, there were 134,720 shares of Series B Preferred Stock outstanding that were convertible into common stock on a 5-to-one basis, for an aggregate of 673,600 shares of common stock. The holders of Series B Preferred Stock are entitled to receive, when, as and if declared by our board of directors out of funds legally available for the payment of dividends in respect of our common stock, dividends in an amount equal to ten percent of par value per share plus the amount of dividends that would have been payable with respect to the shares of common stock issuable upon conversion had such shares of Series B Preferred Stock been fully converted.

Registration Statement

We have a Form S-3 universal shelf registration statement on file with the SEC. The universal shelf registration statement on Form S-3 permits Vitesse to sell, in one or more public offerings, shares of our common stock, shares of preferred stock or debt securities, or any combination of such securities, for proceeds in an aggregate amount of up to $75.0 million. The Form S-3 will expire in accordance with applicable SEC rules on December 27, 2014. To date no securities have been issued pursuant to the S-3 registration statement.