Cemtrex Revises Terms of Upcoming Rights Offering
November 15 2018 - 4:34PM
Business Wire
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading
technology and manufacturing company, announced today that it is
revising the following pricing terms of its previously announced
rights offering as follows:
The subscription price will be the equal of the lesser of (i)
90% of the Volume Weighted Average Price (“VWAP”) for our common
stock for the ten (10) trading day period ending on the Record
date, or (ii) 95% of the VWAP for our common stock for the five (5)
trading day period through and including Wednesday, December 19,
2018, in each case rounded to the nearest whole penny.
The calendar of the offering shall remain unaltered. All other
terms of the offering remain unchanged.
Under the terms of the rights offering, Cemtrex will distribute,
at no charge, non-transferable subscription rights to purchase one
share of its common stock to holders of record for each share of
common stock held on the record date, and one share of its common
stock to holders of record for every 10 publicly-traded warrants
held on the record date. Each basic subscription right entitles the
rights holder to purchase one share of common stock at the
subscription price. Holders of rights who exercise their basic
subscription rights in full will also have an over-subscription
privilege, pursuant to which they may subscribe to purchase
additional shares at the subscription price to the extent that not
all basic subscription rights are exercised by other rights
holders, subject to certain limitations and as more fully described
in a prospectus supplement relating to the rights offering. Cemtrex
will not accept any subscriptions that are less than 100
shares.
The expected 2018 rights offering
calendar is as follows:
November 16, 2018 Ownership Day: Must be a
stockholder as of this day by 4:00 p.m. (Eastern time) to receive
the subscription rights on the record date due to T+2 settlement.
November 19, 2018 Ex-Right Day: Cemtrex common stock will trade
ex-dividend without the rights attached November 20, 2018 Record
Date: Must be a stockholder by 4:00 p.m. (Eastern time) on the
Ownership Day to be deemed a stockholder of record on the record
date. November 26, 2018 Subscription Period begins December 19,
2018 Subscription Period ends
If you have any questions or need further information about this
rights offering, please call Okapi Partners LLC, Cemtrex’s
information agent for the rights offering, at (212)297-0720
(bankers and brokers) or (855)208-8903 (all others) or email at
info@okapipartners.com.
The rights offering is being made pursuant to Cemtrex’s
effective registration statement on Form S-3 (file no. 333-218501),
filed with the SEC and made effective on June 14, 2017. Investors
should consider the information in the prospectus and prospectus
supplement carefully before making any decision to participate.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of any securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. The rights offering
will be made only by means of prospectuses meeting the requirements
of the Securities Act of 1933, as amended.
About Cemtrex
Cemtrex, Inc. (CETX) is the manufacturer of the SmartDesk, the
world’s most advanced workstation. Cemtrex is a diversified
technology company that's driving innovation in a wide range of
sectors, including smart technology, virtual and augmented
realities, advanced electronic systems, industrial solutions, and
intelligent security systems.www.cemtrex.com
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to Cemtrex’s proposed offering
of securities. These forward-looking statements are based on
management's current expectations and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such
forward-looking statements. Statements made herein are as of the
date of this press release and should not be relied upon as of any
subsequent date.
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version on businesswire.com: https://www.businesswire.com/news/home/20181115006048/en/
Information Agent:Okapi
Partners1-212-297-0720info@okapipartners.comorInvestor
RelationsCemtrex, Inc.Saagar Govil,
631-756-9116investors@cemtrex.comorGeneral
Inquiriespsales@cemtrex.com
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