UniPixel Inc (NASDAQ:UNXL) announced the closing of its public offering on November 30, after successfully selling approximately 9,600,000 units. Each of these units was priced at $0.85, resulting in gross proceeds of $8.1 million through the sale. Additionally, UNXL has also received a mass-production order from a PC manufacturing company in Japan. The order is comprised of “Performance Engineered Films” for a 10-inch tablet product. UniPixel has announced that it would start delivery of the initial product in the current quarter and the 1Q2016. Furthermore, the lifetime of this order would extend for a period of 9-12 months.
Each unit, of the public offering, was comprised of a single UNXL share and a warrant to purchase a share of the common stock at $1.5 per share. The warrant would be valid for a period of 5-years. Roth Capital Partners was awarded the position of “lead placement agent”. The post of co-placement agent was handled by Ladenburg Thalmann & Co. Furthermore, UNXL has also decided that the warrants would not be sold separately.
CEO of UniPixel, Jeff Hawthorne, stressed on the importance of this contract during the current stage of his company’s development. He also stated that the order was an indication that UNXL holds the lead position in the Performance Engineered Films segment. Hawthorne was also of the view that the order would help the company expand their customer base greatly. The CEO also stated the possibility of having future orders from around the world, once their products are evaluated by OEMs in other countries.
This is the latest in a series of recent orders awarded to UniPixel by top PC manufacturers. The company had recently updated investors on a number of projects it has been collaborating on with similar clients. Currently, OEM is finalizing the product qualification tests, with the results due in 4Q2015.
UniPixel Inc (NASDAQ:UNXL) finished the December 2 session with a loss of 3.61% to its share value. The stock was trading at $0.702 at the final bell, after having a trade volume of 768,830 shares.