Adept Technology, Inc. (ADEP) said Friday that it has agreed to sell 800,000 shares of its common stock in a public offering at a price of $4.00 per share.
The company has granted the underwriter a 30-day option to purchase up to 120,000 additional shares of common stock to cover over-allotments, if any.
The offering is expected to close on or about June 13.
Adept plans to use the net proceeds from the offering for general corporate purposes, which may include, among other things, repayment of debt, capital expenditures, increasing its working capital, and the financing of ongoing operating expenses and overhead. Pending the application of the net proceeds, Adept may invest the proceeds in marketable securities and short-term investments.
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