Byrna Technologies Inc (NASDAQ:BYRN) (CSE:BYRN) said it has upsized and priced its previously-announced public offering of company stock, with plans to issue 2.5 million of its common shares, at a price of $21 per share, for gross proceeds of about $52.5 million, before deducting underwriting discounts and commissions and offering expenses.
Byrna noted it intends to use the net proceeds of the offering for working capital and other general corporate purposes.
The offering was upsized from the previously-announced 2,250,000 common shares.
READ: Byrna sees dramatic jump in fiscal 2Q revenue and net income fired by its flagship Byrna HD
In addition, the company has granted the underwriters a 30-day option to purchase up to 375,000 additional shares of common stock at the public offering price less underwriting discounts and commissions.
Raymond James & Associates, Inc is acting as lead book-running manager for the offering, while B. Riley Securities, Inc is acting as book-running manager and Ladenburg Thalmann & Co. Inc is acting as co-manager for the offering.
Byrna is a technology company, specializing in the development, manufacture and sale of innovative, non-lethal personal security solutions. Its shares made their debut on the Nasdaq exchange on May 5.
The company is the manufacturer of the Byrna HD personal security device, a state-of-the-art handheld CO2-powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets.
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