Schmitt Industries, Inc. Concludes 2017 Rights Offering Heavily Oversubscribed
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: GlobeNewswire
PORTLAND, Ore., Dec. 22, 2017 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today announced the completion of its Subscription Rights Offering (the “Rights Offering”) in which 998,636 common shares will be issued, resulting in gross proceeds to the Company of $2,496,590. Pursuant to the Rights Offering, the Company issued one right for each common share to the shareholders of record as of November 27, 2017. Holders of the rights were entitled to purchase common shares by submitting three rights and $2.50 for each share to be purchased. The Rights Offering expired at 5:00 pm Eastern Time on December 20, 2017. Preliminary results indicate that the Company received total subscriptions of approximately $5.4 million (including over-subscription requests and notices of guaranteed delivery) for 215% of the 998,636 shares available to be issued pursuant to the primary subscription. Approximately 45% of the shares to be issued were subscribed for in the prima
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