Arotech Prices $6 Mln Stock Offering

(RTTNews) - Arotech Corp.(ARTX) said Friday tat it has priced an underwritten public offering of 3,428,571 shares of its common stock at a purchase price of $1.75 per share.

The gross proceeds to the company from the offering are expected to be about $6 million, before deducting underwriting discounts and other estimated offering expenses.

In addition, Arotech has granted the underwriters a 30-day option to purchase up to an aggregate of 514,285 additional shares of common stock to cover over-allotments, if any.

The offering is expected to close on September 18.

Arotech expects to use the net proceeds from the offering for general corporate purposes, which may include increasing its working capital, reducing its bank line of credit, funding research, development and product manufacturing, acquisitions or investments in businesses, products or technologies that are complementary to its own, and capital expenditures.