Schmitt Industries, Inc. Announces Effectiveness and Terms for Rights Offering to Shareholders
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
PORTLAND, Ore., Nov. 27, 2017 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today announced that its registration statement for its previously announced rights offering was declared effective by the Securities and Exchange Commission (the “SEC”) on November 27, 2017. Under the terms of the rights offering, the Company will distribute, at no charge, to holders of its outstanding Common Stock nontransferable subscription rights to purchase additional shares of its Common Stock. Each shareholder will receive one subscription right for each share of Common Stock owned as of 5:00 p.m., Eastern Time, on November 27, 2017, the record date. Each subscription right will entitle the holder to purchase one-third of a share of the Company’s Common Stock at a subscription price of $2.50 per whole share. If all of the basic subscription rights are exercised, the total purchase price of the shares offered in the rights offering will be approximately $2,496,590.
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