RONKONKOMA, N.Y., Aug. 17, 2017 /PRNewswire/ -- Lakeland
Industries, Inc. (NASDAQ: LAKE) (the "Company" or "Lakeland"), a leading global manufacturer of
protective clothing for industry, healthcare and to first
responders on the federal, state and local levels, today announced
the pricing of an underwritten public offering of 725,000 shares of
its common stock at a price of $13.80
per share. The Company also granted to the underwriters a
45-day option to purchase an additional 15% of the shares of common
stock sold in this offering to cover over-allotments in connection
with the offering, if any. After the underwriting discount
and estimated offering expenses payable by the Company, the Company
expects to receive net proceeds of approximately $8.95 million, assuming no exercise of the
over-allotment option. The offering is expected to close on
August 22, 2017, subject to customary
closing conditions.
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Roth Capital Partners and Craig-Hallum Capital Group are acting
as joint book-running managers for the offering.
The Company expects to use the net proceeds from the offering
for building additional overseas manufacturing facilities, payment
of capital expenditures associated with equipment, repayment of all
borrowings under its line of credit, and general corporate
purposes.
The shares described above are being offered by the Company
pursuant to a registration statement on Form S-3 previously filed
with and subsequently declared effective by the Securities and
Exchange Commission (the "SEC") on April
11, 2017. A copy of the final prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov and may also be obtained
from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400,
Newport Beach, California 92660,
telephone (949) 720-7227 or email at rothecm@roth.com and from
Craig-Hallum Capital Group LLC, 222 South 9th Street,
Suite 350, Minneapolis, MN 55402,
telephone (612) 334-6300 or email at prospectus@chlm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Lakeland Industries, Inc.:
Lakeland Industries,
Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of
safety garments and accessories for the industrial protective
clothing market. The Company's products are sold by a direct
sales force and through independent sales representatives to a
network of over 1,200 safety and mill supply distributors. These
distributors in turn supply end user industrial customers such as
chemical/petrochemical, automobile, steel, glass, construction,
smelting, janitorial, pharmaceutical and high technology
electronics manufacturers, as well as hospitals and laboratories.
In addition, Lakeland supplies
federal, state, and local government agencies, fire and police
departments, airport crash rescue units, the Department of Defense,
the Centers for Disease Control and Prevention, and many other
federal and state agencies. For more information concerning
Lakeland, please visit the Company
online at www.lakeland.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland's expectations of
sources or uses for capital or which express the Company's
expectation for the future with respect to financial performance or
operating strategies can be identified as forward-looking
statements. As a result, there can be no assurance that
Lakeland's future results will not
be materially different from those described herein as "believed,"
"projected," "planned," "intended," "anticipated," "estimated" or
"expected," or other words which reflect the current view of the
Company with respect to future events. We caution readers
that these forward-looking statements speak only as of the date
hereof. The Company hereby expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company's expectations
or any change in events conditions or circumstances on which such
statement is based.
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SOURCE Lakeland Industries, Inc.