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Arotech Corp Announces Full Exercise Of Public Offering Overallotment Option

Thursday, 10 Oct 2013 11:00am EDT 

Arotech Corp announced that the underwriter of its recently announced underwritten public offering of 3,428,571 shares of common stock has exercised in full its over-allotment option to purchase an additional 514,285 shares of common stock at a public offering price of $1.75 per share. Total gross proceeds of the offering, including the over-allotment option, were approximately $6.9 million, before deducting underwriting discounts and other estimated offering expenses. The sale of the additional shares of common stock closed. Arotech expects to use the net proceeds from the offering for general corporate purposes, which may include increasing its working capital, reducing its bank line of credit, funding research, development and product manufacturing, acquisitions or investments in businesses, products or technologies that are complementary to its own, and capital expenditures. In connection with the offering, B. Riley & Co., LLC is acting as sole book-running manager. 

Company Quote

0.19 +7.17%
6 Mar 2015