Deal conducted by B. Riley; proceeds fund general corporate purposes
By Devika Patel
Knoxville, Tenn., July 11 – Arotech Corp. said it priced a $10.01 million public offering of stock with a $1.5 million greenshoe. The deal was announced Thursday.
The company will sell 2.86 million common shares at $3.50 per share. The price per share is a 9.56% discount to the July 10 closing share price of $3.87.
B. Riley & Co., LLC is the sole bookrunning manager.
Settlement is expected July 16.
Proceeds will be used for general corporate purposes.
Based in Auburn, Ala., Arotech makes defense and security products for the military, law enforcement and homeland security sector.
| Issuer: | Arotech Corp.
|
| Issue: | Common stock
|
| Amount: | $10.01 million
|
| Greenshoe: | $1,501,500
|
| Shares: | 2.86 million
|
| Price: | $3.50
|
| Warrants: | No
|
| Bookrunner: | B. Riley & Co., LLC
|
| Announcement date: | July 10
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Stock symbol: | Nasdaq: ARTX
|
| Stock price: | $3.87 at close July 10
|
| Market capitalization: | $73.59 million
|
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