By Sheri Kasprzak
New York, March 20 - LightPath Technologies, Inc. said it settled a $3,832,500 private placement.
The company sold 730,000 shares at $5.25 each to a group of institutional and private investors led by Iroquois Master Fund Ltd.
The investors received warrants for 219,000 shares, exercisable at $7.41 each for five years.
Dawson James Securities was the placement agent.
Proceeds will be used for working capital.
Based in Orlando, Fla., LightPath produces optical networking items for the telecommunications industry.
| Issuer: | LightPath Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $3,832,500
|
| Shares: | 730,000
|
| Price: | $5.25
|
| Warrants: | For 219,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.41
|
| Placement agent: | Dawson James Securities
|
| Investor: | Iroquois Master Fund Ltd. (lead)
|
| Settlement date: | March 20
|
| Stock symbol: | Nasdaq: LPTH
|
| Stock price: | $5.93 at close March 17
|
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