Company says it is expanding its business at 'light speed'
By Devika Patel
Knoxville, Tenn., Sept. 17 - Research Frontiers Inc. completed a $2.5 million registered direct offering of stock, according to a prospectus supplement filed Friday with the Securities and Exchange Commission. The deal was completed without an agent.
The company sold 641,026 common shares. The purchase price, of $3.90 per share, was the average market price on Sept. 15 and reflects a 5.34% discount to the $4.12 closing share price on Sept. 16.
Investors also received five-year warrants for 128,205 shares, each exercisable at $6.25 until Sept. 30, 2015. The strike price reflects a premium of 51.7% to the Sept. 16 closing share price.
"This investment and its timing make perfect sense to those that follow the smart glass industry in general, and Research Frontiers and our leading SPD-Smart light-control technology in particular," Research Frontiers president and chief executive officer Joseph M. Harary said in a press release.
"With business activity in the SPD industry expanding at Research Frontiers and especially at our larger licensees, more projects being announced or recently completed using our SPD-SmartGlass technology, and some very highly visible products using our technology currently planned to be launched internationally, we are adding resources and people, especially in the sales, marketing and business development areas. We are moving at light speed."
Located in Woodbury, N.Y., Research Frontiers develops light-control coatings for glass and plastics.
| Issuer: | Research Frontiers Inc.
|
| Issue: | Common stock
|
| Amount: | $2,502,025
|
| Shares: | 641,026
|
| Price: | $3.90
|
| Warrants: | For 128,205 shares
|
| Warrant expiration: | Sept. 30, 2015
|
| Warrant strike price: | $6.25
|
| Settlement date: | Sept. 17
|
| Stock symbol: | Nasdaq: REFR
|
| Stock price: | $4.12 at close Sept. 16
|
| Market capitalization: | $70.49 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.
