Apa Optics Raises $37 Million

Plans to expand component manufacturing facilities

July 12, 2000

1 Min Read

MINNEAPOLIS, MN -- APA Optics, Inc. (Nasdaq: APAT) today reported that to date under a shelf registration filed in April 2000 it has raised a total of $37,450,940 in gross proceeds through registered institutional placements of a total of 2,628,180 shares of its common stock, including $14,450,941 of gross proceeds disclosed earlier. Net aggregate proceeds to the Company totaled $35,970,599, including $13,983,935 in net proceeds announced earlier.

The shares of common stock were issued under the $100 million S-3 shelf registration statement filed with the SEC in April 2000. Shares have been sold to institutional investors at market-related prices from time to time through the Company's placement agent, Ladenburg Thalmann & Co., Inc.

To take advantage of the Company's strong cash position, the Company is redeeming $5 million of convertible preferred stock, which was issued in March 2000. The Company said it is redeeming the preferred stock to simplify its capital structure. The Company notified holders on June 30, 2000 that it had elected to redeem all shares of its 2% Series A Convertible Preferred Stock, subject to the right to convert prior to redemption at a price of approximately $32 per share. The $5 million gross proceeds from the sale of the convertible preferred stock is in addition to proceeds from the sales of common stock.

The Company said the funds raised would be used primarily to expand its manufacturing capabilities, mainly at its Aberdeen, S.D. facility, and for product development and marketing activities.


Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like