Benzinga | Apr 15, 2021 12:21PM EDT

AmpliTech Shares Are Trading Lower On Raising $23M Via Secondary Institutional Equity Offering

* Engineering services company AmpliTech Group Inc (NASDAQ: AMPG) inked an agreement to sell 2.7 million shares at $8.48 per share in a secondary private institutional placement to raise $23 million.

* The company agreed to issue five-year warrants to purchase 1.9 million shares at an exercise price of $8.48 per share.

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

* Maxim Group LLC is the exclusive placement agent for the offering.

* AmpliTech held $1.65 million in cash and equivalents as of Sep. 30, 2020.

* Price action: AMPG shares traded lower by 20.7% at $6.65 on the last check Thursday.