DPW Holdings Inc (NYSE:DPW) saw its shares decline on disclosing an offering of its common stock for $8.975 million.
The company, out of Newport Beach, Calif, announced Friday it had established an "at-the-market”" equity offering program under which it may sell, from time to time, shares of its common stock for aggregate gross proceeds of up to $8,975,000.
Pursuant to a sales agreement with the Agent, sales of shares of the Company's common stock may be made in transactions that are deemed to be "at-the-market" offerings, including sales made by means of ordinary brokers’ transactions on the NYSE American or otherwise at market prices prevailing at the time of sale or as agreed to with the Agent.
The company intends to use the net proceeds from the "at-the-market" equity offering, if any, for the financing of possible acquisitions of companies and technologies, business expansions and investments and for working capital and general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of future indebtedness or capital stock.
The company does not have agreements or commitments for any specific acquisitions at this time.
The shares of common stock described above are being offered pursuant to a shelf registration statement (File No. 333-222132) which became effective on January 11, 2018.
Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
DPW shares lost 21 cents, or 9.3%, to $2.05 early in Monday’s session.
Related Stories
