Poway-based Parametric Sound Corp. (Nasdaq: HEAR) announced the pricing of an underwritten offering of 4 million shares of its common stock at a price to the public of $10 per share.
The company has also granted the underwriters an option to purchase up to 600,000 additional shares of its common stock at the public offering price to cover over-allotments, if any. The offering is expected to close on or about April 29, subject to satisfaction of customary closing conditions.
Assuming no exercise of the over-allotment option, the company expects to receive net proceeds from the offering of approximately $35.6 million after deducting the underwriting discount and estimated offering expenses payable by the company.
Parametric Sound intends to use the net proceeds from this offering to repay certain indebtedness and for working capital and other general corporate purposes.
Needham & Company LLC is acting as the sole book-running manager; Cowen and Company LLC and Wedbush Securities Inc. are acting as co-lead managers; Lake Street Capital Markets is acting as co-manager for the offering.