Joseph Gunnar is the bookrunner; deal funds operating expenses, sales
By Devika Patel
Knoxville, Tenn., Aug. 23 – Optex Systems Holdings, Inc. said it priced a $4.75 million public sale of units with a $712,542 greenshoe. The deal was announced on July 22.
The company will sell class A units of one common share and one warrant at $1.20 per unit and class B units of one convertible preferred share and 4,167 warrants at $5,000 per unit.
Each five-year warrant will be exercisable at $1.50, a 16.67% discount to the Aug. 22 closing share price of $1.80.
Each preferred converts to 4,167 common shares at $1.20 per share, which is a 33.33% discount to the Aug. 22 closing price.
Joseph Gunnar & Co. is the bookrunner.
Settlement is expected Aug. 26.
Proceeds will be used for working capital, operating expenses, sales, marketing, business development and acquisitions.
The Richardson, Texas, company manufactures optical sighting systems and assemblies primarily for Department of Defense applications.
| Issuer: | Optex Systems Holdings, Inc.
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| Issue: | Class A units of one common share and one warrant, class B units of one convertible preferred share and 4,167 warrants
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| Amount: | $4.75 million
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| Greenshoe: | $712,542, or 593,785 class A units
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Bookrunner: | Joseph Gunnar & Co.
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| Announcement date: | July 22
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| Pricing date: | Aug. 23
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| Settlement date: | Aug. 26
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| Stock symbol: | OTCBB: OPXS
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| Stock price: | $1.80 at close Aug. 22
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| Market capitalization: | $1.56 million
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| Class A units
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| Price: | $1.20
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| Warrants: | One warrant per unit
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| Class B units
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| Price: | $5,000
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| Warrants: | 4,167 warrants per unit
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| Conversion price: | $1.20
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