WASHINGTON (dpa-AFX) - Exyn Technologies, Inc. (EXYN), on Thursday announced the pricing of its initial public offering of 2.5 million units at $7.75 per unit, for gross proceeds of about $19.4 million.
The offering is expected to close on or about May 18.
The company said that each unit consists of one share of common stock and one warrant to purchase one share of stock.
The company granted the underwriter a 30-day option to purchase up to an additional 375,000 shares of common stock and/or 375,000 warrants to cover over-allotments, if any.
The shares of common stock and warrants are expected to begin trading on the Nasdaq Capital Market on May 15 under the ticker symbols 'EXYN' and 'EXYNW,' respectively.
The company said it intends to use the net proceeds from the offering for growth capital, working capital, repayment of certain indebtedness, and general corporate purposes.
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