AmpliTech Group Enters Securities Purchase Agreement, Raises Approximately $1.47 Million

AmpliTech Group, Inc. recently announced the signing of a Securities Purchase Agreement with three institutional investors. The agreement entails the sale of 1,425,377 shares of the company’s common stock and prefunded warrants to purchase 177,882 shares of common stock. The registered direct offering is priced at $0.92 per share and $0.919 per prefunded warrant, with a closing date set for November 26, 2024.

The company anticipates gross proceeds of around $1,474,998 from this offering, after accounting for placement agent fees and other related offering expenses. As part of the agreement, AmpliTech will refrain from issuing additional shares or convertible securities for 45 days after the closing date. The company is also barred from engaging in Variable Rate Transactions for the same duration.

This offering was facilitated under a shelf registration statement on Form S-3, filed with the Securities and Exchange Commission earlier in April, and a prospectus supplement dated November 24, 2024.

Additionally, a placement agency agreement was established with Maxim Group LLC, entailing a fee of 7.0% of the aggregate gross proceeds from the offering, along with reimbursement of specified expenses. The Purchase Agreement, Placement Agency Agreement, and associated documents have been filed with the SEC as part of a Current Report on Form 8-K.

In a related Lock-Up Agreement, AmpliTech’s directors and executive officers are bound not to sell or transfer any common stock for 45 days post the closing date, except under defined circumstances.

The company is working towards compliance with Nasdaq Listing Rule 5250(c)(1) and intends to submit a plan by January 21, 2025, to rectify the delay in filing its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. If accepted, Nasdaq may grant AmpliTech an extension of up to 180 days to regain compliance.

Investors are advised that forward-looking statements come with inherent uncertainties and risks. AmpliTech encourages a review of the risks and uncertainties outlined in its filings with the SEC.

This recap is based on AmpliTech Group’s recent SEC filing and has been condensed for clarity.

Please note that this article does not constitute financial advice.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AmpliTech Group’s 8K filing here.

AmpliTech Group Company Profile

AmpliTech Group, Inc designs, engineers, and assembles micro-wave component-based amplifiers. The company’s products include radio frequency (RF) amplifiers and related subsystems, such as low noise amplifiers for use in receivers of various communication systems comprising Wi-Fi, radar, satellite, base station, cell phone, radio, etc.; and medium power amplifiers that provide enhanced output power and gain in transceiver chains.