Kopin Corporation announced the pricing of a public offering, raising approximately $27 million in gross proceeds. The offering included 37,550,000 shares of common stock priced at $0.65 per share, alongside pre-funded warrants to purchase 4,000,000 shares at $0.64 per warrant, with a $0.01 exercise price.
The company intends to allocate the net proceeds towards general corporate purposes, which encompass working capital, funding internal research and development efforts, particularly for its NeuralDisplay technology, and capital expenditures. A portion of the funds is also designated for payments related to pending litigation judgments or any appeals thereof.
This capital infusion is expected to bolster Kopin's financial position, enabling it to advance its strategic objectives and manage its financial obligations. The closing of the offering was anticipated to occur on or about September 23, 2024, subject to customary closing conditions.
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