Advanced Photonix Announces $4 Million Underwriting

Advanced Photonix, Inc. API announced today that it entered into an underwriting agreement with B. Riley & Co., LLC, providing for the sale of 2,702,703 shares of its Class A Common Stock at a purchase price of $1.48 a share, less an underwriting discount of $0.089 a share. The underwriting agreement includes an overallotment option exercisable for a 30-day period for the purchase of up to an additional 405,405 shares of Class A Common Stock on the same terms and conditions.