The company said it will use the net proceeds from the offerings to repay the $12 million of borrowings outstanding under its term loan B facility and the remainder, if any, for general corporate purposes.
Under the proposed rights offering, the company is granting one subscription right to purchase one share of common stock for each 8.2 shares already owned by the holder on the record date. Each Right will be exercisable at a price equal to $3.14 per share, a 15% discount to the 10-day average price of the company's common stock as of May 14. Right not exercised by 5 pm June 20 will expire.
Price: 3.3300, Change: -0.20, Percent Change: -5.67
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