Advanced Photonix, Inc. Announces $4 Million Underwriting
Ann Arbor-based Advanced Photonix Inc. (NYSE-Amex: API) announced Thursday an underwriting agreement with B. Riley & Co., LLC, providing for the sale of 2,702,703 shares of its Class A Common Stock at a purchase price of $1.48 a share, less an underwriting discount of 8.9 cents a share.
The underwriting agreement includes an overallotment option exercisable for a 30-day period for the purchase of up to an additional 405,405 shares of Class A Common Stock on the same terms and conditions.
The shares of common stock are being sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-171390), which was declared effective by the Securities and Exchange Commission on Jan. 5.
A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained at www.sec.gov or directly from the Company by written request to Investor Relations c/o Richard Kurtz, the company’s CEO.
Advanced Photonix provides optoelectronic products, high-speed optical receivers and terahertz instrumentation for the telecommunications, homeland security, military, medical and industrial markets.
More at www.advancedphotonix.com.