A leading global developer of industrial laser systems for cleaning and material processing applications has announced the successful closing of a securities purchase agreement with institutional investors, securing total gross proceeds of $3.0 million. This amount is before deducting fees to the placement agent and other offering expenses payable by the company. The company plans to use the net proceeds from this private placement for working capital and general corporate purposes.
As part of the private placement, the company issued a total of 1,500,000 units, each consisting of one share of common stock and one common warrant. Each warrant is exercisable for one share of common stock at a price of $4.34 per share. The common warrants will become exercisable either six months after issuance or earlier, pending shareholder approval, and will expire 5.5 years from the date of issuance.
Aegis Capital Corp. served as the exclusive placement agent for this transaction, with CM Law PLLC providing legal counsel to the company, and Kaufman & Canoles, P.C. representing Aegis Capital Corp.
The securities involved in this transaction are being sold through a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. As a result, these securities have not been registered under the Act or any applicable state securities laws, meaning they cannot be offered or sold in the United States without an effective registration statement or a valid exemption from these requirements. Under a registration rights agreement with the investors, the company has committed to filing one or more registration statements with the Securities and Exchange Commission (SEC) to cover the resale of the common stock shares sold in the private placement, as well as the shares issuable upon exercise of the warrants.
This press release does not constitute an offer to sell or solicit an offer to buy any of the securities mentioned, nor will there be any sale of these securities in any state or jurisdiction where such an offer, solicitation, or sale would be illegal prior to registration or qualification under the securities laws of that state or jurisdiction.
