CEMTREX, INC. ANNOUNCES $5.5 MILLION REGISTERED DIRECT OFFERING PRICED AT-THE-MARKET
June 02 2020 - 8:29AM
– Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading
multi-industry technology company that is driving innovation in a
wide range of commercial sectors such as Internet of Things (IoT),
Augmented and Virtual Reality (AR & VR), and Artificial
Intelligence and Computer Vision (AI & CV), today
announced it has entered into definitive agreements with
institutional investors for the purchase and sale of 3,055,556
shares of its common stock at a purchase price of $1.80 per share
in a registered direct offering priced at-the-market under Nasdaq
rules for gross proceeds of $5.5 million before deducting placement
agent fees and expenses. The closing of the offering is expected to
occur on or about June 4, 2020, subject to the satisfaction of
customary closing conditions.
Cemtrex intends to use the proceeds for general corporate
purposes, including accelerating its technology development, sales,
and marketing activities in key growth segments including Internet
of Things (IoT), Augmented and Virtual Reality (AR & VR), and
Artificial Intelligence and Computer Vision (AI & CV) in
security applications. Additionally, the proceeds will
strategically position the Company for attractive acquisition
opportunities that may be available due to the current economic
environment.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering. This offering is being made
pursuant to an effective shelf registration statement on Form S-3
(File No. 333- 218501) previously filed with the U.S. Securities
and Exchange Commission (the “SEC”). A prospectus supplement
describing the terms of the proposed offering will be filed with
the SEC and will be available on the SEC’s website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
may be obtained, when available, from A.G.P./Alliance Global
Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by
telephone at (212) 624-2060, or by email at
prospectus@allianceg.com. Interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
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
these securities 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 any such state or
jurisdiction.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology
company that is driving innovation in markets such as Internet of
Things (IoT), Augmented and Virtual Reality (AR & VR), and
Artificial Intelligence and Computer Vision (AI & CV) in a wide
range of sectors, including consumer products, industrial
manufacturing, digital applications, and intelligent security &
surveillance systems. www.cemtrex.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to the closing of the offering,
gross proceeds from the offering, our new product offerings,
expected use of proceeds, or any proposed fundraising
activities. 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. These risks and uncertainties are discussed under
the heading "Risk Factors" contained in our Form 10-K filed with
the Securities and Exchange Commission. All information in
this press release is as of the date of the release and we
undertake no duty to update this information unless required by
law.
Press Contact for CETX:
For further information, please contact:
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
General Inquiries
sales@cemtrex.com
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