LightPath Technologies Raises $1,982,727 in a Private Placement
LightPath Technologies, Inc. (NASDAQ: LPTH) announced that it has raised gross proceeds of approximately $1,982,727 million through the sale of 1,943,852 shares of our Class A common stock, par value $0.01, 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 our infrared molding capacity and enhancement of our glass preparation processes and test and measurement capability. The funding will also support new product development and the acquisition of new equipment, also critical to the Company's growth plans.
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.
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