Byrna Technologies Announces Launch of Public Offering of Common Stock
Byrna Technologies has announced an underwritten public offering of 2,250,000 common shares, with a 30-day option for underwriters to purchase an additional 337,500 shares. The funds raised will be used for working capital and general corporate purposes. Raymond James & Associates, Inc. leads the offering as book-running manager, with B. Riley Securities and Ladenburg Thalmann also involved. A registration statement has been filed with the SEC, but it is not yet effective, meaning no securities can be sold until then.
- The offering size of 2,250,000 common shares could provide Byrna with significant working capital.
- The involvement of reputable underwriters may enhance investor confidence.
- The public offering may lead to share dilution for existing shareholders.
- The issuer must wait for the SEC's approval before proceeding with the sale.
ANDOVER, Mass., July 12, 2021 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (CSE: BYRN) ("Byrna" or "the Company") today announced that it has launched an underwritten public offering of 2,250,000 common shares. The underwriters have a 30-day option to purchase up to 337,500 additional shares of common stock in the public offering. Byrna intends to use the net proceeds from this offering for working capital and other general corporate purposes.
Raymond James & Associates, Inc. is acting as lead book-running manager for the offering. B. Riley Securities, Inc. is acting as book-running manager and Ladenburg Thalmann & Co. Inc. is acting as co-manager for the offering.
The offering will be made only by means of a prospectus. Copies of the prospectus may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate, (800) 248-8863, prospectus@raymondjames.com.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Byrna Technologies Inc.
Byrna is an emerging non-lethal technology company, specializing in the development and manufacture of innovative less lethal equipment and munitions. For more information on the Company, please visit the corporate website here or the Company's investor relations site here. The Company is the manufacturer of the Byrna®HD personal security device, which looks to be the leading choice in the consumer and private security markets for non-lethal home protection, personal safety, and security.
Forward Looking Information
This news release contains "forward-looking statements" within the meaning of the U.S. and Canadian securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "projects", "intends", "anticipates" and "believes" and statements that certain actions, events or results "may", "could", "would", "should", "might", "occur" or "be achieved" or "will be taken." Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to the planned offering of securities, the timing, price and size of the offering, anticipated underwriters, and their roles, and planned uses of proceeds. Forward-looking statements are based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied.
Any number of risk factors could affect anticipated events and outcomes and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including comments from the Securities Exchange Commission, changes in the business or the market for our securities or the economy or securities markets generally and other factors that could affect the market for our securities and changes to our business, revenues, needs, business plans, competitive conditions, credit terms, and availability of capital that could impact our capital needs. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that all risks cannot be anticipated and any list of risks may not be exhaustive, accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A in our most recent Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC"), and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.
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SOURCE Byrna Technologies Inc.
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