LightPath Technologies raises almost $2M in a private placement transaction
Orlando, FL -- Manufacturer, distributor, and integrator of proprietary optical components and assemblies, LightPath Technologies, Inc. (NASDAQ: LPTH), announces that it has raised gross proceeds of approximately $1,982,727 million through the sale of 1,943,852 shares of their Class A common stock, par value $0.01 (the “Common Stock”), in the aggregate and warrants to purchase 1,457,892 shares of Common Stock in the aggregate to institutional and other accredited investors in a private placement transaction. The closing of the private placement transaction occurred simultaneously with the execution of the transaction documents.
Net proceeds are intended to provide working capital to support the continued growth of LightPath’s business, with the primary uses of the funds anticipated to be for expansion of infrared molding capacity and enhancement of glass preparation processes and test and measurement capability. The funding will also support new product development and the acquisition of new equipment.
Each share of Common Stock was sold at a purchase price of $1.02. The warrants are exercisable for a period of five years beginning on December 11, 2012, and have an initial exercise price of $1.32 per share.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “LightPath is extremely pleased and excited to have completed this capital raise. 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. The gand defense related applications has experienced double digit growth during the previous ten year period, and is expected to reach a total value of over $20 billion by 2014. The commercial and defense applications are reaching an inflection point where high performance infrared optics and scalable price points are a must to enable the next generation of high volume applications. LightPath is ideally positioned to have a strong market presence in these markets given our depth of experience in low-cost, molded optics and our manufacturing infrastructure. The center piece of our growth strategy is to be the supplier that brings true scalability to the infrared optics market.”
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