Shares of communication equipment maker AmpliTech Group, Inc. (AMPG) are down more than 19% Thursday morning at $6.72.
The company today announced that it has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 2.715 million common shares in a registered direct offering priced at-the-market under Nasdaq rules.
The company has also agreed to issue warrants to investors to purchase an aggregate of $1.9 million common shares at $8.48 per share with a five year term.
The combined purchase price for one common share and 0.70 warrants is $8.48.
The gross proceedings from the offering is expected to be about $23 million.
The offering is expected to close on or about April 16, 2021.
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