By Sheri Kasprzak
New York, July 2 - Nanophase Technologies, Inc. sealed an $11.248 million registered direct placement of its stock.
The company sold 1.9 million shares at $5.92 each to institutional investors. The share price was a 4% discount to the 10-day volume-weighted average price of the company's stock for the period ended June 28.
Global Crown Capital, LLC was the placement agent.
The shares were sold under the company's shelf registration.
The company intends to withdraw the remaining 100,000 shares from its shelf.
The proceeds from the placement will be used for the acquisition and installation of equipment and for the expansion of the company's Romeoville, Ill., facility. The rest will be used for general corporate purposes.
Based in Romeoville, Ill., Nanophase develops nano-materials and nano-engineered products.
| Issuer: | Nanophase Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $11.248 million
|
| Shares: | 1.9 million
|
| Price: | $5.92
|
| Warrants: | No
|
| Placement agent: | Global Crown Capital, LLC
|
| Settlement date: | July 2
|
| Stock symbol: | Nasdaq: NANX
|
| Stock price: | $6.09 at close June 29
|
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