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Date Announced: 07 Aug 2013
Cash Balance Projected to Nearly Double.
ORLANDO, Fla., Aug. 7, 2013 /PRNewswire/ -- LightPath Technologies, Inc. (LPTH) (the "Company", "LightPath" or "we"), a global manufacturer, distributor and integrator of proprietary optical components and assemblies, today announced that 776,418 warrants which were previously issued were committed for exercise into common shares during the months of July and August of 2013.
The Company received aggregate gross proceeds from these exercises to total approximately $1.22 million.
As previously disclosed, cash on hand as of June 30, 2013 was approximately $1.57 million, which was an increase of 12% as compared to approximately $1.40 million on March 31, 2013. The aggregate proceeds from the warrant conversions have increased the Company's cash position to greater than $3.00 million.
Following the exercise of the aforementioned warrants, the Company's issued and outstanding ordinary share count will be approximately 13.74 million ordinary shares. Four members of the Company's management team and Board of Directors exercised warrants into common shares increasing their ownership percentage.
"The exercising of warrants demonstrates the confidence shareholders, particularly our management team and members of our Board of Directors, have in our growth prospects, as well as serve to significantly strengthen our balance sheet. We are grateful for this continued support and look confidently toward the future," said Jim Gaynor, President and Chief Executive Officer of LightPath.
LightPath has an additional 2.55 million warrants at a weighted average exercise price of $1.43 (exercise prices ranging between $0.87-$3.20) relating to capital transactions since fiscal 2009. The warrants have expiration dates through December 2017.
Source: LightPath Technologies
E-mail: via web site
Web Site: www.lightpath.com
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