Business
Astrotech Announces $10 Million Bought Deal Offering of Common Stock
AUSTIN, Texas--(BUSINESS WIRE)-- Astrotech Corporation (NASDAQ: ASTC), today announced that it has entered into an underwriting agreement with H.C.
About this update from Astrotech Corporation
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nAstrotech Corporation (NASDAQ: ASTC), today announced that it has entered into an underwriting agreement with H.C. Wainwright & Co. under which the underwriter has agreed to purchase on a firm commitment basis 6,666,667 shares of common stock (or common stock equivalents in lieu thereof) of the Company at a price to the public of $1.50 per share (or common stock equivalent), less underwriting discounts and commissions. The closing of the offering is expected to occur on or about April 12, 2021, subject to satisfaction of customary closing conditions.\n\nH.C. Wainwright & Co. is acting as the sole book-running manager for the offering.\n\nThe Company also has granted to the underwriter a 30-day option to purchase up to an additional 1,000,000 shares of common stock at the public offering price, less underwriting discounts and commission.\n\nThe gross proceeds of the offering are expected to be approximately $10 million, before deducting underwriting discounts and commissions and offering expenses payable by Astrotech and assuming no exercise of the option to purchase additional shares. Astrotech intends to use the net proceeds of the offering for general corporate purposes, working capital, and capital expenditures. \n\nThe securities described above are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-253835) filed with the Securities and Exchange Commission (SEC) and declared effective on March 15, 2021 and the accompanying prospectus contained therein. The offering of the securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to this offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, when available, may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail at [email protected] or by calling (212) 856-5711.\n\nThis announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offe...