Company sells 1.11 million shares for $10 each through Craig-Hallum
By Angela McDaniels
Tacoma, Wash., Oct. 29 – Lakeland Industries, Inc. raised $11.1 million through a private placement of common stock. The company announced plans for the placement on Oct. 24.
Lakeland sold 1.11 million shares for $10.00 each, which is a 34.47% discount to the Oct. 23 closing share price of $15.26.
Craig-Hallum Capital Group LLC acted as placement agent, according to a company news release.
Proceeds were used to repay Lakeland’s roughly $3.6 million 12% subordinated term loan from LKL Investments, LLC. The remaining proceeds will be used for working capital and general corporate purposes.
Lakeland makes safety garments and accessories for the industrial protective clothing market. The company is based in Ronkonkoma, N.Y.
| Issuer: | Lakeland Industries, Inc.
|
| Issue: | Common stock
|
| Amount: | $11.1 million
|
| Shares: | 1.11 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Agent: | Craig-Hallum Capital Group LLC
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Nasdaq: LAKE
|
| Stock price: | $15.26 at close Oct. 23
|
| Market capitalization: | $75.76 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
