Optoelectronics supplier Advanced Photonix has entered into an underwriting agreement with investment bank B. Riley, providing for the sale of 2,702,703 shares of its Class A Common Stock at a purchase price of $1.48 (£0.95) a share.
The underwriting agreement includes an overallotment option exercisable for a 30-day period for the purchase of up to an additional 405,405 shares of Class A Common Stock on the same terms and conditions.
The shares of common stock are being sold pursuant to the company’s registration statement on Form S-3 (File No. 333-171390), which was declared effective by the Securities and Exchange Commission on 5 January, 2011.
A prospectus supplement relating to the offering will be filed with the SEC.