TransAct Technologies Completes $9.8 Million Public Offering of Common Stock, Including Full Exercise of Overallotment Option
HAMDEN, Conn.--(BUSINESS WIRE)--Oct. 16, 2020-- TransAct Technologies Incorporated (Nasdaq:TACT) (“TransAct,” the “Company,” “we” or “our”), a global leader in software-driven technology and printing solutions for high-growth markets, today announced the closing of an underwritten public offering of 1,380,000 newly issued shares of its common stock, including 180,000 shares sold as a result of the exercise in full of the overallotment option granted to the underwriters, at a previously disclosed price of $7.10 per share. The proceeds to the Company from the offering were approximately $9.8 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
Roth Capital Partners acted as the sole book-running manager for the offering, and Barrington Research Associates, Inc. acted as co-manager for the offering.
TransAct intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the further development of TransAct’s food service technology business and related sales, marketing and product development efforts, technology improvements and personnel costs in support of TransAct’s growth strategy.
A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the “SEC”) on August 17, 2020 and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A final prospectus supplement and accompanying base prospectus relating to and describing the final terms of the offering have been filed with the SEC and may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, by email at rothecm@roth.com or by telephone at (800) 678-9147, or by accessing the SEC’s website, www.sec.gov.
Roth Capital Partners acted as the sole book-running manager for the offering, and Barrington Research Associates, Inc. acted as co-manager for the offering.
TransAct intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the further development of TransAct’s food service technology business and related sales, marketing and product development efforts, technology improvements and personnel costs in support of TransAct’s growth strategy.
A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the “SEC”) on August 17, 2020 and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A final prospectus supplement and accompanying base prospectus relating to and describing the final terms of the offering have been filed with the SEC and may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, by email at rothecm@roth.com or by telephone at (800) 678-9147, or by accessing the SEC’s website, www.sec.gov.
