Precision Optics Completes Successful $5.1 Million Stock Offering
Precision Optics Completes Successful $5.1 Million Stock Offering
Precision Optics Corporation, Inc. (NASDAQ: POCI), a prominent name in the design and manufacturing of advanced optical instruments, has successfully completed its registered direct offering of common stock. This announcement comes as the company aims to enhance its operational capabilities and support business expansion efforts.
Details of the Common Stock Offering
The offering consisted of 1,272,500 shares of the company's common stock at a purchase price of $4.00 per share. This translates to gross proceeds of approximately $5.1 million, yielding expected net proceeds of about $5.0 million after accounting for offering expenses. Precision Optics plans to utilize these funds primarily to repay certain debts, expand facilities, and bolster general working capital.
Executive Commentary on Business Growth
Joseph Forkey, CEO of Precision Optics, expressed gratitude towards both existing and new shareholders for their continuous support. He stated, "We appreciate the ongoing support of several existing and new shareholders as we plan our capacity expansion to meet the growth we anticipate in coming quarters and years." This forward-looking statement indicates strong confidence in the company's growth trajectory.
Offering Compliance and Regulatory Framework
This capital raise was executed in compliance with an effective shelf registration statement on Form S-3 previously filed with the SEC. The effective date for this registration was June 14, 2024. To provide transparency, a prospectus supplement detailing the terms of this offering was formally filed with the SEC on February 20, 2025, ensuring stakeholders are informed of all operational changes.
About Precision Optics Corporation
Established in 1982, Precision Optics is a vertically integrated company that leverages its proprietary micro-optics, 3D imaging, and digital imaging technologies to serve the healthcare and defense/aerospace sectors. Their capabilities encompass everything from product conceptualization to mass production. Through meticulous in-house design, regulatory compliance, and fabrication facilities, the company produces innovative solutions that address the demanding requirements of contemporary surgical systems.
Contributions to Healthcare Innovations
In the medical realm, Precision Optics is dedicated to catering to the evolving needs of medical device companies globally. They offer enhanced optical systems for minimally invasive surgical procedures and have developed sophisticated 3D endoscopy systems essential for the surge in surgical robotics. Over the years, they have fostered strong relationships with leading medical device firms, providing a range of optical products including complex endocouplers and specialized endoscopes.
Application in Defense and Aerospace
Beyond the medical field, Precision Optics is making significant strides in the defense and aerospace sectors. Their expertise in micro-optics positions them as a key provider of high-quality products that meet rigorous standards while optimizing size, weight, and power consumption. This strategic focus ensures they remain at the forefront of technology for cutting-edge defense applications.
Future Outlook and Strategic Initiatives
Precision Optics is committed to ongoing growth and innovation. With the recent infusion of capital, the company is well-equipped to enhance its production capabilities. This proactive financial strategy is aimed not just at immediate needs but also at anticipating future demands in both the healthcare and defense/aerospace markets.
Company Contact Information
Precision Optics Corporation
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800
Frequently Asked Questions
What is the purpose of Precision Optics’ recent stock offering?
The offering is aimed at raising funds to repay debts, expand facilities, and enhance general working capital.
How many shares are included in the offering?
The offering consisted of 1,272,500 shares of common stock.
What was the purchase price for the shares offered?
The shares were offered at a price of $4.00 each.
Who is the CEO of Precision Optics Corporation?
Joseph Forkey is the CEO of Precision Optics Corporation.
When was the shelf registration statement filed with the SEC?
The effective shelf registration statement was filed on June 14, 2024.
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