Proceeds fund general corporate purposes; Craig-Hallum is underwriter
By Devika Patel
Knoxville, Tenn., Aug. 28 - Research Frontiers Inc. priced a $5.64 million public offering of units in a prospectus supplement and 8-K filed Tuesday with the Securities and Exchange Commission. The offering was announced Monday.
The company will sell 1.9 million units of one common share and 0.2 of a warrant at $2.97 per unit, with each whole five-year warrant exercisable at $4.45.
The strike price is a 56.14% premium to the Aug. 27 closing share price of $2.85.
Craig-Hallum Capital Group LLC is the underwriter.
Settlement is expected Aug. 31.
Proceeds will be used for working capital and general corporate purposes.
Located in Woodbury, N.Y., Research Frontiers develops light-control coatings for glass and plastics.
| Issuer: | Research Frontiers Inc.
|
| Issue: | Units of one common share and 0.2 of a warrant
|
| Amount: | $5,643,000
|
| Units: | 1.9 million
|
| Price: | $2.97
|
| Warrants: | 0.2 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.45
|
| Underwriter: | Craig-Hallum Capital Group LLC
|
| Announcement date: | Aug. 27
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 31
|
| Stock symbol: | Nasdaq: REFR
|
| Stock price: | $2.85 at close Sept. 22
|
| Market capitalization: | $57.51 million
|
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