Proceeds fund working capital, growth, product development and sales
By Devika Patel
Knoxville, Tenn., Jan. 21 – LightPath Technologies Inc. said it completed a $1.3 million private placement of stock with Pudong Science & Technology (Cayman) Co., Ltd. on Jan. 20. The deal priced on April 16.
The company sold 930,790 class A common shares at $1.40 per share, which is a 7.29% discount to the April 14 closing share price of $1.51, and has also been adjusted from the initial per-share price, as announced in April, of $1.62, which is a 7.29% premium to the April 14 closing share price.
Proceeds will be used for working capital to support growth, product development, sales and marketing and equipment acquisitions.
Based in Orlando, Fla., LightPath produces optical networking items for the telecommunications industry.
| Issuer: | LightPath Technologies Inc.
|
| Issue: | Class A common stock
|
| Amount: | $1,303,106
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| Shares: | 930,790
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| Price: | $1.40
|
| Warrants: | No
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| Investor: | Pudong Science & Technology (Cayman) Co., Ltd.
|
| Pricing date: | April 16
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| Settlement date: | Jan. 20
|
| Stock symbol: | Nasdaq: LPTH
|
| Stock price: | $1.51 at close April 14
|
| Market capitalization: | $16.01 million
|
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