Cemtrex (NASDAQ: CETX), an advanced-security technology and industrial services company, has closed on a firm-commitment underwritten public offering. According to the announcement, the company will receive an estimated $10 million in gross proceeds from the offering, before standard deductions and expenses. Upsized from an original $9 million commitment, the base offering consisted of 11,764,705 common units or prefunded units; the purchase price of each common unit was $0.85, and the purchase price of each prefunded unit was $0.849. Cemtrex anticipates using the net proceeds from the offering for operations as well as to increase marketing efforts and invest in existing business initiatives and products; funds may also be used for partial repayment of indebtedness or to acquire or invest in complementary businesses, products or technologies. The company also granted Aegis Capital Corp., the sole book-running manager for the offering, a 45-day option to purchase additional common shares and/or warrants to cover any overallotments. The offering closed on May 3, 2024.
To view the full press release, visit https://ibn.fm/TNlMs
About Cemtrex Inc.
Cemtrex is a company that owns two operating subsidiaries: Vicon Industries Inc. and Advanced Industrial Services Inc. (“AIS”). Vicon is a global leader in advanced-security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon has delivered mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the United States and around the world, offering a wide range of cutting-edge and compliant security technologies, from artificial intelligence (“AI”)-driven video analytics to fully integrated access control solutions. AIS is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical and welding. AIS installs high-precision equipment in a wide variety of industrial markets including automotive, printing and graphics, industrial automation, packaging and chemicals. AIS owns and operates a modern fleet of custom-designed specialty equipment to assure safe and quick installation of production equipment. AIS staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information about the company, visit www.Cemtrex.com.
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