LightPath Technologies Signs $50M Stock Purchase Agreement
On Tuesday, LightPath Technologies announced that the company and North Run Strategic Opportunities Fund entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 7.14M shares of the company's Class A common stock, of which 3.57M shares of Class A common stock are being sold by the company and 3.57M shares of Class A common stock are being sold by the selling stockholder, each at an offering price of $14.00 per share, resulting in gross proceeds to the company of $50M. The company intends to use the net proceeds from the primary offering for working capital, investments, acquisitions, and general corporate purposes. The company will not receive any proceeds from the secondary offering. The offering is expected to close on or about June 3, subject to the satisfaction of customary closing conditions. Craig-Hallum is acting as sole placement agent for the offering.
