Barringer announces public sale of shares and warrants and inclusion in NASDAQ National Market System.NEW PROVIDENCE New Providence, city, United States New Providence, borough (1990 pop. 11,439), Union co., NE N.J.; settled c.1720, set off and inc. 1899. It is largely residential but has some light industry. Roses and fruit are grown there commercially. , N.J.--(BUSINESS WIRE)--Nov. 12, 1996--Barringer Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BARR BARR Board on Agriculture and Renewable Resources (Washington, DC, USA) BARR Bureau of Aeronautics Resident Representative , BARRW) announced today that it had sold, through an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. led by Janney Montgomery Scott “Scotty” redirects here. For the reggae singer, see Scotty (musician). Montgomery Scott, or "Scotty", is a character in the original Star Trek series and the films which followed. He was played by the late Irish-Canadian actor James Montgomery Doohan. Inc., 1,250,000 shares of its common stock at an initial public offering price of $8.563 and 1,250,000 warrants at an initial public offering price of 5 cents per warrant. Each warrant is exercisable for one-quarter of a share of common stock at an exercise price of $9.847 per share (subject to adjustment in certain circumstances) for three years (subject to earlier redemption in certain circumstances). The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering are expected to be approximately $9.2 million ($10.7 million if the underwriters' over-allotment option is fully exercised) and will be used to fund product development, to repay certain indebtedness, to expand the company's manufacturing and assembling capabilities and for working capital and general corporate purposes. In connection with the offering, the company announced that its common stock and the warrants have been approved for inclusion in the NASDAQ National Market System upon official notice of issuance. The offering is expected to close on Nov. 15, 1996. A copy of the prospectus relating to the offering may be obtained from Janney Montgomery Scott Inc. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common stock or the warrants in any State in which such offer, solicitation or sale would be unlawful. Headquartered in New Providence, Barringer Technologies Inc. is a holding company that, through its subsidiaries, is principally engaged in the development, manufacture and marketing of specialty analytical instruments for drugs and explosives detection applications. CONTACT: Barringer Technologies Inc. Stanley Binder or Richard S. Rosenfeld, 908/665-8200 |
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