BK Technologies Corporation Announces Price of $ 11 Million Public Offering
WEST MELBOURNE, FL / ACCESSWIRE / June 6, 2021 / BK Technologies Corporation (NYSE American: BKTI), (“BK Technologies” or the “Company”) today announced the price of its subscribed public offering of 3,695,000 common shares at a public offering price of 3.00 $ per share, for a total gross amount produced of $ 11,085,000, before deducting sales rebates and commissions and estimated offering fees. In addition, the Company has granted the underwriters a 45-day option to purchase up to 554,250 additional common shares to cover over-allotments, if any, at the public offering price, less subscription discounts and commissions. All common shares are offered by the Company.
The offer is expected to close on June 9, 2021, subject to the satisfaction of customary closing conditions.
ThinkEquity, a division of Fordham Financial Management, Inc., acts as the sole accounting manager of the offering.
The Company intends to use the net proceeds of the offering primarily for general corporate purposes, which may include working capital, capital expenditures, operational objectives, strategic investments and acquisitions. potential in complementary businesses.
The securities are being offered and sold in accordance with a prior registration statement on Form S-3 (File No. 333-251307), including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) on December 11. 2020, as amended by Addendum 1 relating thereto, filed on December 21, 2020 and declared in force on December 29, 2020. The offer will be made only by means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC on its website at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website. Copies of the preliminary prospectus supplement and accompanying prospectus and, where available, of the final prospectus supplement and accompanying prospectus, each relating to the offering, may also be obtained from the offices of ThinkEquity , a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by phone at (877) 436-3673 or by email at [email protected] Before investing in this offering, interested parties should read the entire preliminary prospectus supplement and accompanying prospectus and other documents that the Company has filed with the SEC which are incorporated by reference in this supplement to preliminary prospectus and the accompanying prospectus, which provide more information about the Company and this offer.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. before registration or qualification. under the securities laws of any such state or jurisdiction.
About BK Technologies
BK Technologies manufactures premium, US-made communications equipment of unmatched reliability and value for public safety professionals and government agencies. BK Technologies is honored to serve these heroes with reliable equipment when every moment counts. The Company’s common shares trade on the US NYSE market under the symbol “BKTI”. Headquartered in West Melbourne, Florida, BK Technologies can be contacted through its website at www.bktechnologies.com or directly at 1-800-821-2900.
This press release may contain certain forward-looking statements that are made in accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of forward-looking terminology as “believed” , “Expects”, “anticipates”, “intends”, “will”, “may”, “foresees”, “would”, “could” or similar expressions. These forward-looking statements concern the proposed offer and operations, economic performance and financial condition of the Company and are largely based on the beliefs and expectations of the Company. These statements involve known and unknown risks, uncertainties and other factors that may cause so that the actual results, performance or achievements of the Company, or the results of the industry, are materially different from the future results, performances or achievements expressed or implied by these forward-looking statements. These factors and risks, some of which have been and may be further exacerbated by the COVID-19 pandemic, include, but are not limited to: changes or advancements in technology and our ability to adapt to such changes; the success of our land mobile radio product line; successful introduction of new products and technologies, including our ability to successfully develop and sell our planned new multiband product and other related products in the planned new BKR Series product line; competition in the land mobile radio industry; general economic and business conditions, including federal, state, and local government budget deficits and spending limitations, any impact of a prolonged U.S. government shutdown, and continuing effects of the COVID-19 pandemic; the availability, conditions and deployment of capital; the use of subcontractors and suppliers; risks associated with fixed price contracts; a heavy reliance on sales to US government agencies, which are highly regulated and subject to termination and oversight audits by government officials that could lead to unfavorable conclusions and negatively impact our business, and our ability to comply with the requirements of contracts, laws and regulations relating to such sales; allocations by government agencies among several suppliers approved under existing agreements; our ability to comply with US tax laws and to use deferred tax assets; our ability to attract and retain senior management, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates and to carry out acquisition, disposal or investment transactions, and the risks inherent in being a non-controlling shareholder in a company; have a significant shareholder who may have different interests from those of our other shareholders; the risks associated with our general investment strategy; the impact of the COVID-19 pandemic on the companies in which the Company has investments; the impact of our capital allocation strategy; risks associated with maintaining our brand and reputation, including reputational risks in the event that we are unable to obtain conflict-free components; impact of government regulation; rising health care costs; our activities with manufacturers located in other countries, including changes in US government and foreign government trade and pricing policies, as well as any other impact resulting from the COVID-19 pandemic; our inventories and debt levels; the protection of our intellectual property rights; fluctuations in our operating results and our share price; acts of war or terrorism, natural disasters and other catastrophic events, such as the COVID-19 pandemic; any claim for infringement; data security breaches, cyber attacks and other factors impacting our technology systems or those of our distributors, vendors, manufacturers and other partners; availability of adequate insurance coverage; maintaining our NYSE American listing; the risks associated with being a holding company; and the effect on our share price and our ability to raise equity from future sales of shares of our common shares. Some of these factors and risks, as well as other risks and uncertainties, are described in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, in the Company’s Quarterly Report. on form 10-Q. for the quarterly period ended March 31, 2021, and in the Company’s subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, reflect the views of the Company with respect to future events and should not be construed as representing the views of the Company as of any date subsequent to the date. of this press release, and the Company assumes no obligation to update any forward-looking statements or to update the reasons why actual results may differ from those projected in the forward-looking statements.
Company details :
William Kelly, Executive Vice President and Chief Financial Officer
SOURCE: BK Technologies Corporation
See the source version on accesswire.com: