10:01 AM EDT, 08/16/2024 (MT Newswires) -- Laser Photonics ( LASE ) said Friday it has signed a securities purchase agreement with institutional investors for gross cash proceeds of $3 million.

The industrial laser systems developer said that in connection with the private placement, it will issue 1.5 million units and prefunded units. Each unit and prefunded unit will consist of one common share, or prefunded warrant, and one common warrant, each exercisable for one common share at $4.34 apiece.

Laser Photonics ( LASE ) said it will use the net proceeds from the private placement, which is expected to close by Monday, for working capital and general corporate purposes.

Shares of the company were down 7.1% in recent trading.

Price: 3.03, Change: -0.23, Percent Change: -7.05