FARO to Raise $56.1 Million in Registered Direct Offering
August 09 2007 - 9:20AM
PR Newswire (US)
LAKE MARY, Fla., Aug. 9 /PRNewswire-FirstCall/ -- FARO
Technologies, Inc. (NASDAQ:FARO), the world market leader in
portable computer-aided measurement arms and laser tracker sales,
announced today that it expects to raise $56.1 million in a
registered direct offering with certain institutional investors.
The net proceeds to FARO are expected to be approximately $53.3
million after deducting placement agent fees but before deducting
other offering expenses. FARO has priced the registered direct
offering at $34 per share and expects to sell 1.65 million shares
of its common stock in the offering. The closing of the offering is
scheduled to occur on August 14, 2007, subject to the satisfaction
of customary closing conditions. Robert W. Baird & Co.
Incorporated acted as lead placement agent for the offering, and
A.G. Edwards & Sons, Inc. acted as the co-placement agent for
the offering. A Form S-3 shelf registration statement relating to
the shares of common stock that FARO intends to sell in the
offering previously was filed with, and has been declared effective
by, the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. Any offer will be made
only by means of a prospectus, including a prospectus supplement,
forming a part of the registration statement. FARO intends to use
the net proceeds from the offering for working capital and general
corporate purposes. FARO may also use all or a portion of the net
proceeds to acquire additional businesses or technologies.
Currently, no commitments or agreements for any such acquisitions
or investments are in place. This press release contains
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities and Litigation Reform
Act of 1995. These statements include, but are not limited to, the
estimated net proceeds of the offering, the scheduled closing of
the offering, and the anticipated use of proceeds. In addition,
words such as "intends" and "expects" and similar expressions are
intended to identify forward-looking statements. Actual events or
results may differ materially from the forward-looking statements.
Factors that might cause such a difference include, but are not
limited to: (i) our inability to ensure the payment for the sale of
shares in the offering; (ii) our inability to find suitable
acquisition candidates, if any at all; (iii) conditions out of our
control, which conditions include but are not limited to the
conditions set forth in Section 7 of the Placement Agency Agreement
attached as Exhibit 1.1 to the Form 8-K filed by FARO on August 9,
2007; and (iv) other risk factors expressed from time to time in
our registration statements and reports as filed with the
Securities Exchange Commission. Forward-looking statements in this
press release represent FARO's judgment as of the date of this
release. FARO undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise. DATASOURCE: FARO Technologies, Inc.
CONTACT: Darin Sahler, Global PR Manager of FARO Technologies,
Inc., +1-407-333-9911, Web site: http://www.faro.com/
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