Laser Energetics secures $12 million in financing
Common Stock Equity Investment is Priced at a Premium to the Market
Laser Energetics Inc. (LEI) announced that it has executed a financing agreement for a $12 million equity investment into the company. The investment is priced at a substantial premium to the current market price. The transaction, which is subject to due diligence and the usual and customary closing conditions, is expected to close within the next 30 days.
The investment is being made by a company with whom LEI has an existing business relationship.
Robert D. Battis, CEO of Laser Energetics, stated, "We are incredibly excited about this development. The $12 million will give us the ability to immediately ramp up our production capacity to meet the demand for our BrightStar laser systems. It will also accelerate our research and development efforts, allowing us to bring both new technology and refinements to our existing technologies to the market in a very rapid fashion. It is unusual for a company our size to receive such a large equity investment, particularly at a premium, and we view this as validation of our business plan and our technologies. We hope to report additional exciting developments regarding our Company in the very near future."