RTTNews | Apr 15, 2021 10:43AM EDT

10:28 Thursday, April 15, 2021 (RTTNews.com) - Shares of communication equipment maker AmpliTech Group, Inc. (AMPG) are down more than 19% Thursday morning at $6.72.

The company today announced that it has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 2.715 million common shares in a registered direct offering priced at-the-market under Nasdaq rules.

The company has also agreed to issue warrants to investors to purchase an aggregate of $1.9 million common shares at $8.48 per share with a five year term.

The combined purchase price for one common share and 0.70 warrants is $8.48.

The gross proceedings from the offering is expected to be about $23 million.

The offering is expected to close on or about April 16, 2021.

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