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Laser Photonics Announces Pricing of $3.0 Million Private Placement
August 16, 2024 | BUSINESS WIREEstimated reading time: Less than a minute
Laser Photonics Corporation (LPC), a leading global developer of industrial laser systems for cleaning and other material processing applications, announced that it has entered into a securities purchase agreement with institutional investors for aggregate gross cash proceeds of $3.0 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes.
In connection with the private placement, the Company will issue an aggregate of 1,500,000 units and pre-funded units. The pre-funded units will be sold at the same purchase price as the units, less the pre-funded warrant exercise price of $0.001. Each unit and pre-funded unit will consist of one share of common stock (or one pre-funded warrant) and one common warrant, each exercisable for one share of common stock at an exercise price of $4.34 per share. The common warrant will be exercisable on the earlier of six months after issuance or shareholder approval and will expire 5.5 years from issuance.
The closing of the private placement is expected to occur on or about August 19, 2024, subject to the satisfaction of customary closing conditions.
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