Date Announced: 25 Feb 2011
Cash will aid company with terahertz applications.
ANN ARBOR, Mich.--(BUSINESS WIRE)--Advanced Photonix, Inc. (NYSE-Amex: API) announced today that it entered into an underwriting agreement with B. Riley & Co., LLC, providing for the sale of 1,200,000 shares of its Class A Common Stock at a purchase price of $1.97 a share, less an underwriting discount of $0.1182 a share.
The shares of common stock are being sold pursuant to the Company’s registration statement on Form S-3 (File No. 333-171390), which was declared effective by the Securities and Exchange Commission on January 5, 2011.
Richard Kurtz, CEO of Advanced Photonix, Inc. stated "This final draw down of our existing shelf registration will be used for our general corporate purposes including (i) working capital needed to support the rapid growth of our HSOR products in foreign markets, (ii) accelerated development and marketing of Terahertz applications, (iii) capital expenditures needed to further automate our manufacturing processes, and increase our productivity."
A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained at the SEC's website at http://www.sec.gov or directly from the Company by written request to Investor Relations c/o Richard Kurtz. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Source: Advanced Photonix
Web Site: www.advancedphotonix.com