LightPath Technologies Completes $50M Equity Offering at $14, Includes Secondary Shares
LPTH has more than doubled off its 52-week low of $2.75.
Summary
LightPath Technologies completed a $50 million equity offering, selling 3.57 million primary shares to raise capital for the company and 3.57 million secondary shares from existing investors, both priced at $14.00 per share. This offering is dilutive and priced below the current market price of $15.38. While the company gains $47 million net for operations, the significant secondary component and discounted pricing could weigh on the stock. This follows strong Q3 results but also recent large share sales by a major investor.
At the time of this announcement, LPTH was trading at $15.38 on NASDAQ in the Technology sector, with a market capitalization of approximately $980.8M. The 52-week trading range was $2.75 to $18.94. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.