Pro-Dex (NSDQ:PDEX) said the proceeds from a planned rights offering worth $3 million will go to "pursue strategic opportunities"
The Irvine, Calif.-based medtech company, which makes powered surgical devices, said AO Partners and Farnam Street Capital agreed to pick up any shares not acquired by shareholders in the offering.
Shareholders are slated to be offered the right to purchase pro-rated portions of newly issued shares for an as-yet undetermined price based on a discount of the closing price of PDEX stock on the last day before the offering launches, according to a press release.
"The purpose of this rights offering is to raise equity capital in a cost-effective manner that gives all of the company’s existing shareholders the opportunity to participate on a pro rata basis," according to the release. "The company intends to use the net proceeds from the rights offering to pursue strategic opportunities that may present themselves from time to time or, if not used to pursue strategic opportunities, for working capital and general corporate purposes, including to fund ongoing research and development and product initiatives."
PDEX shares were up 1.2% to $2.39 apiece as of about 9:50 a.m. today.
