ANN ARBOR — The Ann Arbor electronics and optics manufacturer Advanced Photonix Inc. (NYSE: API) said it has priced a public stock offering of almost 5.4 million shares at 53 cents per share.
API said it has also granted its underwriters an option to sell another
808,696 shares if market demand exists for them.
API said it plans to use the proceeds of about $2.5 million to pay
down debt.
API said Los Angeles-based B. Riley & Co. LLC is acting as sole
underwriter on the offering. A prospectus giving more detail on the
offering will be filed soon with the U.S. Securities and Exchange
Commission.
API manufactures optical and electronic sensors, devices and
instruments used in the test and measurement, process control,
medical, telecommunications and homeland security markets.
More at www.advancedphotonix.com.