LightPath Raises Almost $2M in Stock Sale
ORLANDO, Fla., June 13, 2012 — Optical components manufacturer LightPath Technologies Inc. has raised $1.9 million in capital to expand its infrared glass processes.
The company raised gross proceeds through the sale of 1.9 million shares of Class A common stock and warrants to purchase 1.4 million shares of stock to institutional and other accredited investors in a private placement.
Expansion of its infrared molding capacity, enhancement of its glass preparation processes, and test and measurement capabilities are some of the ways the company intends to use funds. The money also will support new product development and the acquisition of new equipment.
Each common stock share was sold for $1.02. The warrants are exercisable for a five-year period beginning Dec. 11, 2012, and they have an initial exercise price of $1.32 per share.
“These funds will help enable LightPath to execute its strategy of becoming a leading global supplier of optical systems for applications in the infrared market,” said Jim Gaynor, president and chief executive officer.
For more information, visit: www.lightpath.com