LightPath Technologies, Inc. (NASDAQ: LPTH), which supplies optical components and subsystems, says it has closed a private placement of stock with Pudong Science & Technology (Cayman) Co., Ltd. The deal is worth in excess of $1.3 million.
The placement saw Pudong acquire 930,790 shares of Class A Common Stock at a price of $1.40 per share. The total purchase price was approximately $1,303,106 and left Pudong with 14.9% of LightPath's outstanding shares of common stock, up from the 9.37% it already owned. The stock was assigned to a Pudong affiliate, Pudong Science & Technology Investment (Cayman) Co. Ltd.
LightPath says it will use its newfound wealth to provide working capital for new product development, sales and marketing of its infrared product line, and capital expenditures related to acquisition of new equipment.
"LightPath is a leading high-tech company in the optical molded lens industry and holds core technologies in products and solutions such as visible light aspheric lens, infrared aspheric lens, fiber collimator, and gradient index lens," said Dr. Xudong Zhu, chairman of Shanghai Pudong Science and Technology Investment Co., in explaining the investment. "We are delighted to increase our investment in LightPath and hope we can help introduce LightPath's commercial technologies and products to China's market and resources through this investment, supporting the long-term growth of LightPath. This investment further demonstrates our investment strategy to go global from China and our commitment to be a leading international institutional investor."
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