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Oppenheimer and Craig-Hallum acted as joint book running managers for the offering.

LSI intends to use the net proceeds from this proposed offering to implement its growth and acquisition strategy, including (i) payment of a portion of the purchase price for its proposed Royston Group acquisition pursuant to the Agreement and Plan of Merger, dated February 20, 2026, by and between LSI and Royston Group; (ii) repayment of borrowings under the proposed Senior Secured Credit Facility Commitment Letter, dated January 21, 2026, by and between LSI, PNC Capital Markets LLC, and PNC Bank, National Association, to be used to fund the purchase price of the Royston Group acquisition, which is expected to close in the third quarter of LSI's 2026 fiscal year; and/or (iii) for general working capital and corporate purposes. Oppenheimer & Co. and Craig-Hallum are acting as joint lead book-running managers for the proposed offering.

LSI Industries announced that it has entered into a definitive agreement to acquire privately held Royston Group, a player in identity and equipment solutions for retail environments, from Industrial Opportunity Partners for an aggregate purchase price of $325 million, subject to a working capital adjustment, with $320 million of the purchase price payable in cash at closing and the remaining $5 million payable in the issuance of shares of the Company's common stock, valued as of the closing price of the Company's common stock on February 19, 2026. The transaction is subject to Hart-Scott-Rodino clearance and is expected to close in the third quarter of LSI's 2026 fiscal year. Royston, and its nearly 900 employees, will become part of LSI's display solutions segment on a reporting basis upon the closing of the transaction. In TTM September 2025, Royston generated total revenue of approximately $272 million and adjusted EBITDA of approximately $38 million, or 14.0% of revenue.