Business
VirTra Announces Closing of $18.0 Million Registered Direct Offering
TEMPE, Ariz., April 08, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement,
About this update from Virtra, Inc.
[{"type":"text","content":"TEMPE, Ariz., April 08, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, today announced that, as of Monday, April 5, 2021, the Company had closed its previously announced registered direct offering of three million shares of common stock at a price of $6.00 per share, based on the Nasdaq “Minimum Price” rule. The total gross proceeds of the offering were $18.0 million, before deducting the placement agents’ fees and other estimated offering expenses. Roth Capital Partners acted as the lead placement agent in this offering. Lake Street Capital Markets acted as co-placement agent for the offering. Maxim Group LLC acted as a financial advisor to the Company in connection with the offering. “We anticipate that the proceeds from this offering will allow us to accelerate our long-term strategic roadmap, expand our production capacities, and keep us well capitalized for other high-value opportunities that we may encounter in the future,” said Bob Ferris, president and CEO of VirTra. “VirTra’s objective is to lead the world in simulation training for police and military staff who must face grave challenges. We believe that we are well-positioned in our markets, and bolstered with these additional funds, we plan to grow in lockstep with increased demand.” The shares of common stock described above were offered pursuant to a “shelf” registration statement (File No. 333-238624) filed with the Securities and Exchange Commission (“SEC”) on May 22, 2020 and declared effective by the SEC on June 2, 2020. The offering of the shares was made only by means of a prospectus supplement that forms a part of the registration statement. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering has also been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may also be obtained by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, by calling (800) 678-9147 or by e-mail at [email protected]. This press release does not constitute an offer to sell or the solicitation of an offer to buy ...