Why LightPath Technologies Stock Is Falling

LightPath Technologies Inc LPTH shares are trading lower by 8.33% to $1.32 during Thursday's pre-market session. The company announced pricing of its previously announced public offering.

The offering is for 9,090,910 shares of common stock at a purchase price of $1.10 per share for aggregate gross proceeds of approximately $10 million, before deducting placement agent fees and other offering expenses.

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The closing of the offering is expected to occur on or about January 17, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering to fund future growth initiatives, working capital and general corporate purposes.

According to data from Benzinga Pro, LPTH has a 52-week high of $2.87 and a 52-week low of $0.99.