Laser Photonics closes $4 million private placement

Laser Photonics Corporation (NASDAQ: LASE) completed a private placement raising approximately $4 million in gross proceeds before fees and expenses, according to a company statement.

The Orlando-based industrial laser systems company issued 1,098,902 shares of common stock at $3.64 per share. The placement also included Series A and Series B warrants, each allowing the purchase of up to 1,098,902 additional shares at $3.40 per share.

The warrants become exercisable immediately upon issuance. Series A warrants will expire five years after the registration statement for resale becomes effective, while Series B warrants will expire 18 months after the registration statement effective date.

"This capital raise strengthens our balance sheet and provides a resource to accelerate integration and growth from our recent CMS and Beamer acquisitions," said CEO Wayne Tupuola.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The securities were offered under Section 4(a)(2) of the Securities Act of 1933 and Regulation D to accredited investors only.

The company has agreed to file registration statements with the SEC covering the resale of the unregistered securities issued in the offering, according to a registration rights agreement.

Laser Photonics develops industrial laser technologies for cleaning, cutting, engraving and marking applications. The company recently acquired Control Micro Systems and Beamer Laser Systems to expand into pharmaceutical and semiconductor manufacturing markets.

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