LightPath nets capital from initial public offering
In a move to generate funds for debt reduction, product development, sales and marketing, and facilities expansion, LightPath Technologies Inc. (Tucson, AZ) has gone public, offering 1.6 million units of company securities at $5 per unit. To date, all units of the offering have been sold, raising a total of $6.96 million for the company. LightPath produces gradient index glass and catalog optical components for imaging, instrumentation, and laser applications. On January 15, 1996, LightPath gave notice to Newport Optics (Irvine, CA) to terminate an exclusive marketing and distribution agreement with that company.