TransAct Technologies Announces Pricing of Underwritten Public Offering of Common Stock
August 12 2021 - 8:25AM
Business Wire
TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct,”
the “Company,” “we” or “our”), a global leader in software-driven
technology and printing solutions for high-growth markets, today
announced the pricing of an underwritten public offering of 732,500
newly issued shares of its common stock at a price of $14.50 per
share. The proceeds to the Company from the offering are expected
to be approximately $10.6] million before deducting underwriting
discounts and commissions and estimated offering expenses payable
by the Company. TransAct has also granted to the underwriters of
the offering a 30-day option to purchase an additional 109,875
shares of common stock to cover overallotments in connection with
the offering. The offering is expected to close on August 16, 2021,
subject to customary closing conditions.
Roth Capital Partners is acting as the sole book-running manager
for the offering, and Craig-Hallum Capital Group and Barrington
Research Associates, Inc. are acting as co-managers for the
offering.
TransAct intends to use the net proceeds from the offering for
working capital and other general corporate purposes, which may
include funding the further development of TransAct’s food service
technology business and related sales, marketing and product
development efforts, technology improvements and personnel costs in
support of TransAct’s growth strategy.
A shelf registration statement relating to the shares of common
stock to be issued in the offering was filed with the Securities
and Exchange Commission (the “SEC”) on August 17, 2020 and is
effective, and an additional registration statement on Form S-3 was
filed with the SEC on August 11, 2021 pursuant to Rule 462(b)
promulgated under the Securities Act of 1933, as amended, and
became immediately effective. 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. A preliminary prospectus supplement and accompanying
base prospectus relating to and describing the terms of the
offering have been filed with the SEC, and a final prospectus
supplement and accompanying base prospectus describing the final
terms of the offering will be filed with the SEC and, when
available, may be obtained from Roth Capital Partners, LLC, 888 San
Clemente, Suite 400, Newport Beach, CA 92660, by email at
rothecm@roth.com or by telephone at (800) 678-9147, or by accessing
the SEC’s website, www.sec.gov.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in
developing software-driven technology and printing solutions for
high-growth markets including food service, casino and gaming, POS
automation, and oil and gas. The Company’s solutions are designed
from the ground up based on customer requirements and are sold
under the BOHA! ™, AccuDate™, EPICENTRAL®, Epic, Ithaca® and
Printrex® brands. TransAct has sold over 3.5 million printers,
terminals and other hardware devices around the world and is
committed to providing world-class service, spare parts and
accessories to support its installed product base. Through the
TransAct Services Group, the Company also provides customers with a
complete range of supplies and consumable items both online at
http://www.transactsupplies.com and through its direct sales team.
TransAct is headquartered in Hamden, CT. For more information,
please visit http://www.transact-tech.com or call (203)
859-6800.
TransAct®, BOHA!™, AccuDate™, Epic, EPICENTRAL®, Ithaca® and
Printrex® are trademarks of TransAct Technologies Incorporated.
©2021 TransAct Technologies Incorporated. All rights reserved.
Forward-Looking Statements
Certain statements in this press release include forward-looking
statements. Forward-looking statements generally can be identified
by the use of forward-looking terminology, such as “may,” “will,”
“expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,”
“plan” or “continue,” or the negative thereof, or other similar
words. All forward-looking statements involve risks and
uncertainties, including, but not limited to, the adverse effects
of the COVID-19 pandemic, related vaccination rates and the
emergence of virus variants on our business, operations, financial
condition, results of operations and capital resources, including
as a result of supply chain disruptions, shutdowns and/or
operational restrictions imposed on our customers, an inability of
our customers to make payments on time or at all, diversion of
management attention, necessary modifications to our business
practices and operations, cost cutting measures we have made and
may continue to make, a possible future reduction in the value of
goodwill or other intangible assets, inadequate manufacturing
capacity or a shortfall or excess of inventory as a result of
difficulty in predicting manufacturing requirements due to volatile
economic conditions, price increases or decreased availability of
component parts or raw materials, exchange rate fluctuations,
volatility of and decreases in trading prices of our common stock
and the availability of needed financing on acceptable terms or at
all; our ability to successfully develop new products that garner
customer acceptance and generate sales, both domestically and
internationally, in the face of substantial competition; our
reliance on an unrelated third party to develop, maintain and host
certain web-based food service application software and develop and
maintain selected components of our downloadable software
applications pursuant to a non-exclusive license agreement, and the
risk that interruptions in our relationship with that third party
could materially impair our ability to provide services to our food
service technology customers on a timely basis or at all and could
require substantial expenditures to find or develop alternative
software products; our ability to successfully transition our
business into the food service technology market; our ability to
fully remediate a previously disclosed material weakness in our
internal control over financial reporting; risks associated with
potential future acquisitions; general economic conditions; our
dependence on contract manufacturers for the assembly of a large
portion of our products in Asia; our dependence on significant
suppliers; our ability to recruit and retain quality employees as
the Company grows; our dependence on third parties for sales
outside the United States; our dependence on technology licenses
from third parties; marketplace acceptance of new products; risks
associated with foreign operations; the availability of third-party
components at reasonable prices; price wars or other significant
pricing pressures affecting the Company’s products in the United
States or abroad; increased product costs or reduced customer
demand for our products due to changes in U.S. policy that may
result in trade wars or tariffs; our ability to protect
intellectual property; the effect of the United Kingdom’s
withdrawal from the European Union; and other risk factors detailed
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020, and other reports filed with the SEC. Actual
results may differ materially from those discussed in, or implied
by, the forward-looking statements. The forward-looking statements
speak only as of the date of this release, and the Company assumes
no duty to update them to reflect new, changing or unanticipated
events or circumstances, except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210812005508/en/
Investor: Bart Shuldman Chairman and Chief Executive
Officer TransAct Technologies Incorporated 702-388-8180 Michael
Bowen ICR, Inc. Michael.Bowen@icrinc.com 203-682-8299 Ryan Gardella
ICR, Inc. Ryan.Gardella@icrinc.com 203-682-8240
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