ANN ARBOR — The defense and simulation product developer Arotech Corp. (NasdaqGM: ARTX) says the underwriter of its recent public stock offering of 2.86 million shares has exercised in full its over-allotment option to purchase an additional 429,000 shares of common stock at a public offering price of $3.50 per share.
Total gross proceeds of the offering, including the over-allotment option, were approximately $11.5 million, before offering expenses. The sale of the additional shares of common stock closed Thursday.
Arotech said it expects to use the net proceeds from the offering for general corporate purposes, which may include the repayment of a portion of its outstanding bank debt; funding research, development and product manufacturing; acquisitions or investments in businesses, products or technologies that are complementary to its own; increasing its working capital; and capital expenditures.
Los Angeles-based B. Riley & Co. LLC is sole book-running manager of the offering.
The final prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC July 11 and is available at www.sec.gov. It’s also available by contacting the Compliance Department, B. Riley & Co., LLC, 11100 Santa Monica Boulevard, Suite 800, Los Angeles, CA 90025, (888) 295-0155, and at email@example.com.
Arotech provides defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators and trainers, as well as zinc-air and lithium batteries and chargers. The company is based in Ann Arbor with research, development and production subsidiaries in Alabama, Michigan, South Carolina, and Israel.
More at www.arotech.com.