BK Technologies Raises $11.1M Via Secondary Equity Sale at 9% Discount

Communications equipment company BK Technologies Corp (NYSE:BKTI) priced 3.7 million shares at $3 per share to raise $11.1 million gross proceeds in a secondary public offering.
The offer price signifies a 9.1% discount to the June 4 closing price of $3.3.
The underwriters have 45 days to purchase additional shares up to 0.55 million.
The offering proceeds will be primarily utilized for general corporate purposes, strategic investments, and potential acquisitions in complementary businesses.
BK held $6.4 million in cash and equivalents as of Mar. 31, 2021.
Price action: BKTI shares are down 6.06% at $3.10 in the premarket session on the last check Monday.

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