Arotech To Offer 2.86 Mln Shares At $3.50 Per Share - Quick Facts

(RTTNews) - Arotech Corp. (ARTX) Friday said it has priced an underwritten public offering of 2.86 million shares of its common stock, at $3.50 per share. The company expects to generate nearly $10 million from this offering, before deducting for underwriting discounts and other estimated offering expenses. The firm has granted the underwriters a 30-day option to buy up to an aggregate of 429,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on July 16 and B. Riley & Co., LLC is acting as the sole book-running manager.

The company expects to use the net proceeds for general corporate purposes, including the repayment of a portion of its outstanding bank debt, funding research, development and product manufacturing, acquisitions or other investments.