UniPixel Plunges After Announcing Public Offering
Shares of UniPixel Inc (NASDAQ: UNXL), a nano-cap pre-production stage company that is engaged in products for the display, touch screen and flexible electronics market segments, plunged more than 25 percent after the company announced a public offering of newly issued shares of stock.
UniPixel plans to offer 5.35 million shares of its own stock at a public offering price of $1.50 per share with the option for its underwriters to purchase up to an additional 802,500 shares.
UniPixel's stock closed for trading at $2.08 on Thursday.
The company expects proceeds from the sale to be approximately $7.46 million and plans to use the funds for general corporate purposes, which may include capital expenditures and additions to working capital.
At time of writing, UniPixel shares were down 25.96 percent in Friday's pre-market.
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