By Sheri Kasprzak
New York, Aug. 25 - Flotek Industries, Inc. said it has completed a private placement for $21.19 million.
The company sold 1.3 million shares at $16.30 each to institutional investors.
The proceeds will be used for general corporate purposes and acquisitions, including the purchase of Harmon's Machine Works, Inc. The remainder will be used to pay down debt and a revolving credit line.
Based in Houston, Flotek provides tools, chemicals and other supplies to the oil industry.
| Issuer: | Flotek Industries, Inc.
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| Issue: | Stock
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| Amount: | $21.19 million
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| Shares: | 1.3 million
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| Price: | $16.30
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| Warrants: | No
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| Settlement date: | Aug. 25
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| Stock price: | $17.32 at close Aug. 25
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