Optex Systems Hldg InCorp (OTCMKTS:OPXS) recently revealed that it received a new purchase order, from the Defense Logistics Agency, for the supply of collimators, used in the Abrams Main battle tank. The news helped the stock record a spike, but it was short lived as OPXS reversed its gains just two sessions later. The company announced that the contract is worth $450,000.
The CEO of Optex, Danny Schoening, stated that it was a pleasure to be able to support the DLA, through its sighting system, which was critical to the weaponry of the tank. He pointed out that the sighting system would be used for the main gun, which made it all the more exciting to meet this demand.
Earlier, OPXS announced that it was pricing one of its underwritten public offering at $4.75 million, prior to the deduction of commissions and discounts associated with the offering. This was also exclusive of any proceeds from the exercising of any warrants. The offering comprises of units of Class A and Class B. Each unit of Class A would be priced at $1.2 and would comprise of one share of common stock and a 5-year purchase warrant for one share of commons stock. The warrant also carries an exercise price of $1.5. Units of Class B have been priced at $5,000 each, consisting of one share of common stock and warrants to purchase a total of 4,167 shares of common stock.
This sale and purchase of warrants was expected to close on August 26, 2016, subject to customary closing conditions. OPXS announced that it would use proceeds from the offerings for general working capital, as well as for acquisitions and marketing activities. Joseph Gunnar & Co. LLC, acted as the sole book-running manager for the offering.
Optex Systems Hldg InCorp (OTCMKTS:OPXS) closed at a share price of $0.86, at the end of the September 20 trading session, after gaining 10.26% in terms of its share value, on a trade volume of 12,364.