Deal conducted by B. Riley; proceeds fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 13 - Arotech Corp. said it priced a $6 million public sale of stock with a $900,000 greenshoe. The deal was announced Thursday.
The company will sell 3,428,571 common shares at $1.75 apiece. The price per share is a 19.73% discount to the Sept. 12 closing share price of $2.18.
B. Riley & Co., LLC is the bookrunning manager.
Settlement is expected Sept. 18.
Proceeds will be used for general corporate purposes, including working capital, reducing debt under the company's bank line of credit, research, development and product manufacturing, acquisitions or investments in complementary businesses, products or technologies and capital expenditures.
Based in Auburn, Ala., Arotech makes defense and security products for the military, law enforcement and homeland security sector.
Issuer: | Arotech Corp.
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Issue: | Common shares
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Amount: | $6 million
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Greenshoe: | $900,000
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Shares: | 3,428,571
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Price: | $1.75
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Warrants: | No
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Bookrunner: | B. Riley & Co., LLC
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Announcement date: | Sept. 12
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Pricing date: | Sept. 13
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Settlement date: | Sept. 18
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Stock symbol: | Nasdaq: ARTX
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Stock price: | $2.18 at close Sept. 12
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Market capitalization: | $28.62 million
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