LGL Announces Updates to Results of Rights Offering to Account for Oversubscriptions
November 17 2017 - 7:00PM
Business Wire
The LGL Group, Inc. (NYSE MKT:LGL) (the “Company”) a globally
diversified holding company with a history of operations dating
back to 1914, today announced updated results of its previously
announced rights offering. The subscription period for the rights
offering expired at 5:00 p.m. ET on November 13, 2017 to account
for oversubscriptions.
The Company raised total gross proceeds of approximately
$11,036,289. The Company offered an aggregate of up to 2,006,598
shares of its common stock to its existing shareholders and
received subscriptions for a total of 2,897,171 shares of its
common stock, including 686,439 shares issued pro rata to
shareholders who properly exercised over-subscription rights. The
excess subscription payments received by the subscription agent
will be returned, without interest.
Following the completion of the rights offering, the Company
expects to have a total of 4,682,063 shares of its common stock
outstanding.
About The LGL Group, Inc.
The LGL Group, Inc., through its two principal subsidiaries
MtronPTI and PTF, designs, manufactures and markets
highly-engineered electronic components used to control the
frequency or timing of signals in electronic circuits, and designs
high performance Frequency and Time reference standards that form
the basis for timing and synchronization in various
applications.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota,
Wakefield, Massachusetts and Noida, India, with local sales offices
in Hong Kong, Sacramento, California and Austin, Texas.
For more information on the Company and its products and
services, contact Michael Ferrantino Sr. at The LGL Group,
Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or
visit www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results, including,
without limitation, the Company’s ability to successfully complete
the rights offering, the investment group’s continued interest in
pursuing the acquisition of the Company’s MtronPTF assets, the
special committee will authorize negotiations with the investment
group and if negotiations commence, the parties’ successful
negotiation and execution of a definitive agreement governing such
acquisition transaction and the consummation thereof, and assuming
the successful consummation of the transaction, the Company’s
success in pursuing strategic alternatives available to it. Certain
of these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005874/en/
The LGL Group, Inc.Mr. Michael Ferrantino Sr.,
407-298-2000mferrantino@lglgroup.com
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