LTRX - Lantronix slides on pricing ~$35.3M share offering

Lantronix (NASDAQ:LTRX) is down 16.57% pre-market after pricing its previously announced public offering of 4.7M common shares at $7.50/share. Total estimated gross proceeds of the offering to the company are ~$35.3M. Offering is expected to close on or about November 22, 2021. Net proceeds from the offering will be used for working capital and general corporate purposes. TL Investment has granted the underwriters a 30-day option to purchase up to 705,000 shares of Lantronix's common stock, on the same terms and conditions as the shares sold in the offering. Bernhard Bruscha, Lantronix's founder and former Chairman of the Board, is managing director of TL Investment. Lantronix will not receive any of the proceeds from the shares of common stock sold by TL Investment in the offering.

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Lantronix slides on pricing ~$35.3M share offering