Casino-printer and food-safety technology supplier TransAct Technologies Inc aims to gross US$8.52 million from an offering of 1.2 million of its common shares at US$7.10 per share, it said in a Thursday filing.
After underwriting discount and commission payments amounting to 6.0 percent of the gross – i.e., US$511,200 – TransAct would net just over US$8 million.
The Nasdaq-listed firm’s share price stood at US$7.36, as of 4am U.S. central standard time on Friday, according to Bloomberg data.
In the event that an over-allotment mechanism, involving a further 180,000 shares, were fully exercised, the gross amount raised would reach nearly US$9.8 million, and US$9.2 million after expenses, according to the firm.
The underwriters expect to deliver the shares of common stock to the purchasers “on or about” Friday (October 16).
TransAct said in a prospectus issued on Tuesday it would use the proceeds of any such offer for “general corporate purposes, which may include capital expenditures, investments, funding potential acquisitions, repayment of debt and general working capital”.
In August, TransAct reported a net loss of just under US$1.9 million for the second quarter, on net sales that were down 53.4 percent year-on-year, to just below US$5.3 million.
It cited the ongoing Covid-19 pandemic and its general effects on the business outlook of the industries it serves, as a major factor in the result.
Jan 25, 2021Brokerage UBS Securities Asia Ltd says in a recent note that the official opening for the Hoiana resort (pictured in an artist’s rendering), a Vietnam casino complex, is now planned for the second...
"We have estimated that on average, the [daily] visitor arrivals for this year’s Chinese New Year break could turn out to be a bit weaker than for the Christmas holiday period"
Maria Helena de Senna Fernandes
Director of the Macao Government Tourism Office