Adept Technology Announces Details of Common Stock Offering
June 08 2012 - 8:30AM
Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of
intelligent vision-guided and autonomous mobile robotic solutions,
today announced details of its previously announced public offering
of common stock. Adept has agreed to sell 800,000 shares of its
common stock at a price of $4.00 per share and has granted the
underwriter a 30-day option to purchase up to 120,000 additional
shares of common stock to cover over-allotments, if
any. Subject to the satisfaction of customary conditions, the
offering is expected to close on or about June 13, 2012.
Roth Capital Partners will act as the sole manager
of the offering.
Adept intends to use the net proceeds from this offering for
general corporate purposes, which may include, among other things,
repayment of debt, capital expenditures, increasing its working
capital, and the financing of ongoing operating expenses and
overhead. Pending the application of the net proceeds, Adept
may invest the proceeds in marketable securities and short-term
investments.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the common stock in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Electronic copies of the prospectus supplement and prospectus
relating to these securities may be obtained, when available, from
the website of the Securities and Exchange Commission at
www.sec.gov, or by contacting Roth Capital Partners, Attention:
Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA
92660, by telephone at (800) 678-9147, or via email at
rothecm@roth.com.
About Adept Technology
Adept is a global, leading provider of intelligent robots and
autonomous mobile solutions and services that enable customers to
achieve precision, speed, quality and productivity in their
assembly, handling, packaging, testing and logistical
processes. With a comprehensive portfolio of high-performance
motion controllers, application development software,
vision-guidance technology and high-reliability robot mechanisms
with autonomous capabilities, Adept provides specialized,
cost-effective robotics systems and services to high-growth markets
including Packaging, Medical, Disk Drive/Electronics and Solar; as
well as to traditional industrial markets including machine tool
automation and automotive components.
The Adept Technology logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5387
All trade names are either trademarks or registered trademarks
of their respective holders.
This press release contains forward-looking statements based on
current expectations and projections about the Company's business.
These statements are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from what is expressed or implied by the
forward-looking statements, including, but not limited to: lack of
cash dividends; future sales or dilution of our equity depressing
the market price of our common stock; management's broad discretion
over the use of proceeds; fluctuation of our operating results due
to factors difficult to forecast or out of our control; our
operating losses, negative cash flow and limited cash resources
impairing our growth investment; our concentrated equity ownership;
and our stock price volatility.
CONTACT: Lisa Cummins
Chief Financial Officer
925-245-3400
Investor.relations@adept.com
Bonnie McBride
Avalon IR
415-454-8898
bonnie@avalonir.com