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Laser Photonics Corporation Announces Closing of $3.0 Million Private Placement
ORLANDO, Fla.--(BUSINESS WIRE)-- Laser Photonics Corporation (LPC) (NASDAQ: LASE), a leading global developer of industrial laser systems for cleaning and
About this update from Laser Photonics Corporation
[{"type":"text","content":" ORLANDO, Fla.--(BUSINESS WIRE)--\nLaser Photonics Corporation (LPC) (NASDAQ: LASE), a leading global developer of industrial laser systems for cleaning and other material processing applications, today announced that it has closed a securities purchase agreement with institutional investors for aggregate gross cash proceeds of $3.0 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes.\n\n\nIn connection with the private placement, the Company issued an aggregate of 1,500,000 units. Each unit will consist of one share of common stock and one common warrant, each exercisable for one share of common stock at an exercise price of $4.34 per share. The common warrant will be exercisable on the earlier of six months after issuance or earlier shareholder approval and will expire 5.5 years from issuance.\n\n\nAegis Capital Corp. acted as the Exclusive Placement Agent for the private placement. CM Law PLLC is serving as counsel to the Company for the private placement. Kaufman & Canoles, P.C. is serving as counsel to Aegis Capital Corp. for the private placement.\n\n\nThe securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of common stock sold in the private placement and the shares of common stock issuable upon exercise of the warrants sold in the private placement.\n\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or s...