By LLuvia Mares
New York, Sept. 7 - Advanced Photonix, Inc. settled a $3,691,560 private placement of stock and warrants.
The company sold 2,432,000 shares of common stock, with institutional investors purchasing 2,300,000 shares at $1.50 per share and management purchasing 132,000 shares at $1.83 per share.
Investors also received 608,000 warrants to purchase common stock exercisable at $1.85 per share through September 2012.
Proceeds will be used for working capital.
Ann Arbor, Mich.-based Advanced is a supplier of optoelectronic semiconductor components and subsystems and terahertz instrumentation.
Issuer: Advanced Photonix, Inc.
Issue: Stock and warrants
| Amount: | $3,691,560
|
| Units: | 2,432,000
|
| Price: | $1.50 for 2.3 million shares, $1.83 for 132,000 shares
|
| Warrants: | For 608,000 shares
|
| Warrant expiration: | September 2012
|
| Warrant price strike: | $1.85
|
| Settlement date: | Sept. 7
|
| Stock symbol: | AMEX: API
|
| Stock price: | $1.91 at close Sept. 6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
