Company sells 1,391,304 common shares at $5.75 per share in offering
By Devika Patel
Knoxville, Tenn., June 3 – Adept Technology, Inc. said it arranged an $8 million registered direct offering of stock.
The company will sell 1,391,304 common shares at $5.75 apiece, an 8% discount to the June 2 closing share price of $6.25.
Settlement is expected June 5.
Proceeds will be used for working capital and general corporate purposes, including debt repayment, capital expenditures and operating expenses.
Based in Pleasanton, Calif., Adept designs robotic systems, motion control and machine vision technology for automobiles, consumer electronics and medical applications, among other things.
| Issuer: | Adept Technology, Inc.
|
| Issue: | Common shares
|
| Amount: | $8 million
|
| Shares: | 1,391,304
|
| Price: | $5.75
|
| Warrants: | No
|
| Pricing date: | June 3
|
| Settlement date: | June 5
|
| Stock symbol: | Nasdaq: ADEP
|
| Stock price: | $6.25 at close June 2
|
| Market capitalization: | $84.3 million
|
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