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Adept Technology (ADEP) Prices 800,000 Share Offering At Discount

 June 08, 2012 10:10 AM


(By Balaseshan) Adept Technology Inc. (NASDAQ:ADEP), a provider of intelligent vision-guided and autonomous mobile robotic solutions, said it has priced a public offering of 800,000 shares of its common stock at $4.00 per share, a 0.7% discount to Thursday's close.

The company 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.

The company expects to receive net proceeds from this offering of about $3.0 million, after deducting underwriting discounts and commissions as well as its estimated expenses related to the offering.

The offering is expected to close on or about June 13, 2012, subject to the satisfaction of specified closing conditions.

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.

The company has entered into an underwriting agreement with Roth Capital Partners, LLC with respect to the offering.

Adept is authorized to issue 19 million shares of common stock and 1 million shares of preferred stock. As of May 8, there were about 9.61 million shares of common stock outstanding and no shares of preferred stock outstanding.

ADEP is trading up 9.18% at $4.40 on Friday. The stock has been trading between $2.08 and $6.49 for the past 52 weeks.

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