Chinese investment company buys LightPath shares
16 April 2014Tweet
LightPath Technologies, a manufacturer of optical components, has sold shares to Pudong Science and Technology, an investment vehicle owned by Shanghai Pudong Science and Technology Investment. The sale means Pudong will own 19.9 per cent of LightPath’s outstanding shares of common stock. Pudong currently already owns 9.37 per cent of LightPath’s outstanding shares.
The initial per share purchase price is $1.62, subject to adjustment at the closing of the sale. LightPath intends to use the proceeds of the sale to provide working capital for the company’s growth, including new product development and capital expenditures related to acquisition of new equipment.
Jim Gaynor, president and CEO of LightPath, commented: ‘LightPath is extremely pleased and excited about Pudong’s investment in our company. The funds will... increase our penetration in our various markets including telecom, digital imaging and custom assemblies.’