By Sheri Kasprzak
New York, July 18 - American Technology Corp. said it has closed a private placement for $14 million.
The company sold 2,868,851 shares at $4.88 each to funds managed by institutional investors.
The investors also received class A warrants for 717,213 shares, exercisable at $6.36 each through July 2009, and class B warrants for 864,706 shares, exercisable at $7.23 each for six months after the registration statement is declared effective.
Based in San Diego, American Technology produces directed-sound technologies and long-range acoustic devices.
The proceeds will be used for marketing, sales and deliveries and to prepay unsecured subordinated promissory notes issued in December 2004. The remainder will be used for general working capital.
| Issuer: | American Technology Corp.
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| Issue: | Stock
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| Amount: | $14 million
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| Shares: | 2,868,851
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| Price: | $4.88
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| Warrants: | Class A warrants for 717,213 shares; class B warrants for 864,706 shares
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| Warrant expiration: | July 2009 for class A; six months after registration statement is declared effective for class B
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| Warrant strike price: | $6.36 for class A; $7.23 for class B
|
| Settlement date: | July 18
|
| Stock price: | $6.17 at close July 15
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