Laser Photonics Corporation Announces Pricing of $3.0 Million Private Placement
August 16 2024 - 9:00AM
Business Wire
Laser Photonics Corporation (LPC) (NASDAQ: LASE), a leading
global developer of industrial laser systems for cleaning and other
material processing applications, today announced that it has
entered into a securities purchase agreement with institutional
investors for aggregate gross cash proceeds of $3.0 million, before
deducting fees to the placement agent and other offering expenses
payable by the Company. The Company intends to use the net proceeds
from the private placement for working capital and general
corporate purposes.
In connection with the private placement, the Company will issue
an aggregate of 1,500,000 units and pre-funded units. The
pre-funded units will be sold at the same purchase price as the
units, less the pre-funded warrant exercise price of $0.001. Each
unit and pre-funded unit will consist of one share of common stock
(or one pre-funded warrant) and one common warrant, each
exercisable for one share of common stock at an exercise price of
$4.34 per share. The common warrant will be exercisable on the
earlier of six months after issuance or shareholder approval and
will expire 5.5 years from issuance.
The closing of the private placement is expected to occur on or
about August 19, 2024, subject to the satisfaction of customary
closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement
Agent for the private placement. CM Law PLLC is serving as counsel
to the Company for the private placement. Kaufman & Canoles,
P.C. is serving as counsel to Aegis Capital Corp. for the private
placement.
The securities described above are being sold in a private
placement exempt from the registration requirements of the
Securities Act of 1933, as amended (the “Act”), and have not been
registered under the Act, or applicable state securities laws.
Accordingly, the securities may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities laws.
Pursuant to a registration rights agreement with the investor, the
Company has agreed to file one or more registration statements with
the Securities and Exchange Commission (the “SEC”) covering the
resale of the shares of common stock sold in the private placement
and the shares of common stock issuable upon exercise of the
pre-funded warrants and the warrants sold in the private
placement.
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 Laser Photonics Corporation
Laser Photonics is a vertically integrated manufacturer and
R&D Center of Excellence for industrial laser technologies and
systems. Laser Photonics seeks to disrupt the $46 billion,
centuries-old sand and abrasives blasting markets, focusing on
surface cleaning, rust removal, corrosion control, de-painting and
other laser-based industrial applications. Laser Photonics’ new
generation of leading-edge laser blasting technologies and
equipment also addresses the numerous health, safety, environmental
and regulatory issues associated with old methods. As a result,
Laser Photonics has quickly gained a reputation as an industry
leader in industrial laser systems with a brand that stands for
quality, technology and product innovation. Currently,
world-renowned and Fortune 1000 manufacturers in the aerospace,
automotive, defense, energy, industrial, maritime, space
exploration and shipbuilding industries are using Laser Photonics’
"unique-to-industry" systems. For more information, visit
https://www.laserphotonics.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
concerning Greenlane and other matters. All statements contained in
this press release that do not relate to matters of historical fact
should be considered forward-looking statements. In some cases, you
can identify forward-looking statements by terms such as "may,"
"will," "should," "expects," "plans," "anticipates," "could,"
"intends," "targets," "projects," "contemplates," "believes,"
"estimates," "predicts," "potential" or "continue" or the negative
of these terms or other similar expressions. The forward-looking
statements in this press release are only predictions. Laser
Photonics Corporation has based these forward-looking statements
largely on its current expectations and projections about future
events and financial trends that it believes may affect its
business, financial condition and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. You should carefully
consider the risks and uncertainties that affect our business,
including those described in our filings with the Securities and
Exchange Commission ("SEC"), including under the caption "Risk
Factors" in Laser Photonics Corporation's Annual Report on Form
10-K filed for the year ended December 31, 2023 and the Company's
other filings with the SEC, which can be obtained on the SEC
website at www.sec.gov. These forward-looking statements speak only
as of the date of this communication. Except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements, whether as a result of any new
information, future events or otherwise. You are advised, however,
to consult any further disclosures we make on related subjects in
our public announcements and filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240816097724/en/
Investor Relations Contact: laser@haydenir.com
Media Contact: Karla Kizzort Marketing Specialist Laser
Photonics Corporation kkizzort@laserphotonics.com
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