Super Vision (NASDAQ:SUPVA)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Super Vision Charts. Click Here for more Super Vision Charts.](/p.php?pid=staticchart&s=N%5ESUPVA&p=8&t=15)
Super Vision International, Inc. (NASDAQ:SUPVA) (Class A Common), a
world leader in solid-state LED and fiber optic lighting systems and
controls used in commercial, architectural, signage, swimming pool and
retail lighting applications, today announced that it closed a private
placement of Class A common stock and warrants led by a group of
institutional investors, for gross proceeds of $9.0 million. The net
proceeds will be used to reduce Super Vision’s
liabilities and strengthen its balance sheet, for general working
capital and to fund the Company's new strategic plan to expand its
platform of products to meet the increasing demand for LED lighting
systems.
Mike Bauer, President and CEO of Super Vision, stated, “Over
the course of the last eleven months we have been working very hard to
eliminate the legacy issues that have burdened the Company and we have
created a dynamic plan to capitalize on the growing demand for white
light LED lighting systems for general lighting applications. However,
given the Company’s financial resources, an
infusion of capital was required in order to fully execute our plan and
position the Company for accelerated growth.”
Mr. Bauer continued, “We have a very clear
vision for the Company. The details of our plan will be unveiled to the
market over the next several months and we feel that these efforts will
put the Company in a leadership position in several exciting new
applications for LED lighting. These funds will also give us the
resources to expand our research and development/intellectual property
efforts and continue to build on the 20 issued patents we currently hold.”
Gross proceeds of approximately $9.0 million resulted from the sale of
approximately 40,360 units at a price of $223.00 per unit, each unit
consisting of 100 shares of Class A common stock, a warrant to purchase
60 shares of Class A common stock exercisable at $2.23 per share
expiring 5 years from the date of issuance and a second warrant to
purchase 15 shares of Class A common stock exercisable at $3.00 per
share expiring 5 years from the date of issuance.
The securities offered and sold by the Company in this private placement
will not and have not been registered under the Securities Act of 1933,
as amended (the "Securities Act”), or
state securities laws and may not be offered or sold in the United
States absent registration with the Securities and Exchange Commission (“SEC”)
or an applicable exemption from registration requirements. The Company
has agreed to file a registration statement with the SEC covering the
resale of the shares of Class A common stock and shares underlying the
warrants issued in the private placement.
This notice is issued pursuant to Rule 135c under the Securities Act and
shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification of these securities under the securities
laws of any such state.
About Super Vision International, Inc.
Super Vision International’s vision is to
incorporate Light, Color and Imagination with advanced technology to
become one of the world’s leading suppliers of
lighting and lighting control products that add visual excitement,
accent, impact and identity to commercial and residential lighting
projects around the world. For more information, please visit the
Super Vision web site at www.svision.com.
Certain of the above statements contained in this press release are
forward-looking statements that involve a number of risks and
uncertainties. Such forward-looking statements are within the meaning of
that term in Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Reference is made to Super
Vision's filings under the Securities Exchange Act for factors that
could cause actual results to differ materially. Super Vision undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially from
those indicated in the forward-looking statements as a result of various
factors. Readers are cautioned not to place undue reliance on these
forward-looking statements.