By Susanna Moon
Chicago, July 26 - LightPath Technologies, Inc. said it sold $3.2 million in a private placement of shares.
The company issued 800,000 shares at $4.00 each to institutional and private investors.
Investors also received warrants for 240,000 shares exercisable at $5.50 each for five years beginning Jan. 26, 2008.
First Montauk Securities Corp. was the placement agent.
Proceeds will be used for working capital.
LightPath is based in Orlando, Fla. and produces optical networking items for the telecommunications industry.
| Issuer: | LightPath Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $3.2 million
|
| Shares: | 800,000
|
| Price: | $4.00
|
| Warrants: | For 240,000 shares
|
| Warrant expiration: | Five years beginning Jan. 26, 2008
|
| Warrant strike price: | $5.50
|
| Placement agent: | First Montauk Securities Corp.
|
| Announcement date: | July 26
|
| Stock symbol: | Nasdaq: LPTH
|
| Stock price: | $4.26 at close July 25
|
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