Benzinga | Mar 26, 2021 05:58AM EDT

Sigma Labs Raises $9.7M Via Private Offering At 3% Premium

3D printing developer of quality assurance software for the commercial metal, Sigma Labs Inc (NASDAQ: SGLB), inked an agreement to sell 2.19 million shares at $4.445 per share in a private institutional offering and raise $9.7 million in gross proceeds.

* The offer price signifies a 2.7% premium to the company's Thursday closing price of $4.33.

* Sigma will use the proceeds for operations and general corporate purposes.

* Additionally, Sigma Labs would issue short-term warrants to purchase additional shares up to 2.19 million in a parallel private placement.

* The warrants have an exercise price of $4.32 per share. It is exercisable upon the receipt of shareholder approval to increase its number of authorized shares from 12 million shares to 24 million shares for two years.

* H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

* SGLB stock has gained 112.3% in the last six months.

* The company held cash worth $3.7 million as of December 31, 2020. It also closed a $5.1 million public share sale recently.

* Price action: SGLB shares traded higher by 6.24% at $4.6 in the premarket session on the last check Friday.