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Syntec Optics prices $20M offering to fuel growth, potential acquisitions
Syntec Optics prices $20M offering to fuel growth, potential acquisitions
Listen to this articleSyntec Optics Holdings, Inc. has priced an underwritten public offering expected to generate roughly $20 million in gross proceeds, positioning the Rochester-based company to pursue acquisitions and support ongoing operations.
Under the terms of the offering, Syntec (Nasdaq: OPTX) will issue 2,857,142 shares of its common stock at a public offering price of $7.00 per share. H.C. Wainwright & Co. is serving as the sole book-running manager.
The company has also granted the underwriter a 30-day option to purchase up to an additional 428,571 shares at the same offering price, less underwriting discounts and commissions.
The transaction is expected to close on or about April 30, subject to customary closing conditions.
The company said it plans to deploy the net proceeds toward strategic acquisitions or investments in complementary businesses, technologies, products or assets, as well as for working capital, capital expenditures and balance sheet optimization, including potential debt repayment.
Syntec was formed over two decades ago from the aggregation of three advanced manufacturing companies started in the 1980s. It is now one of the largest custom and diverse end-market optics and photonics manufacturers in the United States.
The business went public in 2023 and operates in a nearly 90,000-square-foot manufacturing facility on Lee Road.
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