Offering sells 1.5 million shares at $1.99 each to Admiralty Partners
By Devika Patel
Knoxville, Tenn., Feb. 3 – Arotech Corp. settled a $2.99 million private placement of stock with Admiralty Partners, Inc. on Feb. 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 1.5 million common shares at $1.99 apiece. The price per share is a 7.87% discount to the Feb. 1 closing share price of $2.16.
Proceeds will be used for general administrative and working capital purposes.
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 stock
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Amount: | $2,985,000
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Shares: | 1.5 million
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Price: | $1.99
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Warrants: | No
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Investor: | Admiralty Partners, Inc.
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Settlement date: | Feb. 2
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Stock symbol: | Nasdaq: ARTX
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Stock price: | $2.16 at close Feb. 1
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Market capitalization: | $56.06 million
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