The AmpliTech Group has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 2,715,000 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The aggregate gross proceeds to the Company are expected to be approximately $23.0 million, before deducting placement agent's fees and expenses of the offering payable by the Company.
CEO Fawad Maqbool commented, "With this financing, we are now in a better position to support our larger customers and provide them with the necessary support and services to maintain and increase their business and confidence."
The offering is expected to close on or about April 16, 2021, subject to satisfaction of customary closing conditions. Maxim Group LLC is acting as the exclusive placement agent for the offering.
Concurrently, the company agreed to issue to the investors, in a private placement, warrants to purchase an aggregate of 1,900,500 shares of common stock at an exercise price of $8.48 per share with a five-year term. The combined purchase price for one share of common stock and 0.70 warrants is $8.48.
Note: This story does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
