LightPath Technologies, Inc. (NASDAQ:LPTH) shares gained 5.5% in recent trade after saying it has agreed to sell shares to Pudong Science & Technology for an initial purchase price of $1.62 per share.
The sale will more than double Pudong Science’s stake in LightPath to 19.9% from 9.37%
LPTH is trading in the upper half of the 52-week range between $0.70 and $1.96.
The maker of optical components said the final per share purchase price may be higher or lower than the initial per share purchase price, but that it won’t drop below $1.40.
LightPath said it plans to use the proceeds to support the continued growth of its business, including product development and expenditures related to acquisition of new equipment.
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