Flow International gets extension on effective date of registration statement on March PIPE

By Sheri Kasprzak

New York, Sept. 15 - Flow International Corp. said it has received an extension on the effective date of a registration statement linked to a March private placement.

Under the original terms of the offering, the company was required to file a registration statement within 60 days of the closing and the statement had to be declared effective within 180 days of closing, or Sept. 17. The registration statement must now be declared effective 210 days from the closing date, or Oct. 17.

If the registration statement is not declared effective by Oct. 17, the company will incur penalties.

The extension relates to a private placement closed on March 21 in which Flow sold 17,473,116 units at $3.72 each. The units were comprised of one share and one warrant for one-tenth of a common share.

Based in Kent, Wash., Flow develops and manufactures high-pressure water jet technology equipment used for cutting, cleaning and food-safety applications.

On Thursday, the company's stock gained $0.25, or 3.31%, to close at $7.80.

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