Benzinga | Jun 7, 2021 07:25AM EDT

BK Technologies Raises $11.1M Via Secondary Equity Sale at 9% Discount

* Communications equipment company BK Technologies Corp (NYSE:BKTI) priced 3.7 million shares at $3 per share to raise $11.1 million gross proceeds in a secondary public offering.

* The offer price signifies a 9.1% discount to the June 4 closing price of $3.3.

* The underwriters have 45 days to purchase additional shares up to 0.55 million.

* The offering proceeds will be primarily utilized for general corporate purposes, strategic investments, and potential acquisitions in complementary businesses.

* BK held $6.4 million in cash and equivalents as of Mar. 31, 2021.

* Price action: BKTI shares are down 6.06% at $3.10 in the premarket session on the last check Monday.