Lakeland Fire + Safety Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriter’s Option to Purchase Additional Shares
Lakeland Fire + Safety (NASDAQ:LAKE) has successfully closed its previously announced public offering, selling 2,093,000 shares of common stock at $22.00 per share, including the full exercise of the underwriter's option for 273,000 additional shares. The offering generated approximately $46.0 million in gross proceeds before deducting underwriting costs and expenses.
The offering attracted participation from new and existing institutional investors, company management, and board members. Roth Capital Partners served as the sole book-running manager, with Lake Street Capital Markets and Maxim Group as co-managers. D.A. Davidson & Co. acted as financial advisor.
The company plans to use the net proceeds to repay certain debt, support operations, and fuel business growth, including working capital and general corporate purposes.
Lakeland Fire + Safety (NASDAQ:LAKE) ha concluso con successo l'offerta pubblica precedentemente annunciata, vendendo 2.093.000 azioni di azioni ordinarie a 22,00 $ per azione, inclusa l'intera esercitazione dell'opzione dellunderwriter per ulteriori 273.000 azioni. L'offerta ha generato circa 46,0 milioni di dollari in proventi lordi prima della detrazione dei costi e delle spese di sottoscrizione.
L'offerta ha attratto la partecipazione di investitori istituzionali nuovi ed esistenti, della direzione aziendale e dei membri del consiglio. Roth Capital Partners ha svolto il ruolo di unico manager di book-running, con Lake Street Capital Markets e Maxim Group come co-manager. D.A. Davidson & Co. ha agito come consulente finanziario.
L'azienda prevede di utilizzare i proventi netti per ripagare alcuni debiti, sostenere le operazioni e alimentare la crescita aziendale, incluse le spese di capitale circolante e gli usi aziendali generali.
Lakeland Fire + Safety (NASDAQ:LAKE) ha cerrado con éxito su oferta pública previamente anunciada, vendiendo 2,093,000 acciones de acciones ordinarias a $22.00 por acción, incluyendo el ejercicio completo de la opción del suscriptor por 273,000 acciones adicionales. La oferta generó aproximadamente $46.0 millones en ingresos brutos antes de deducir los costos y gastos de suscripción.
La oferta atrajo la participación de nuevos y existentes inversores institucionales, la gerencia de la empresa y miembros de la junta. Roth Capital Partners actuó como el único gestor principal, con Lake Street Capital Markets y Maxim Group como co-gestores. D.A. Davidson & Co. actuó como asesor financiero.
La empresa planea utilizar los ingresos netos para pagar ciertas deudas, apoyar operaciones y fomentar el crecimiento del negocio, incluyendo capital de trabajo y propósitos corporativos generales.
레이크랜드 화재 + 안전 (NASDAQ:LAKE)는 이전에 발표한 공모를 성공적으로 마감하였으며, 2,093,000주의 보통주를 주당 $22.00에 판매하였습니다. 또한 언더라이터의 추가 273,000주 옵션을 전액 행사하였습니다. 이 공모는 인수 비용 및 경비를 공제하기 전 약 $46.0 백만의 총 수익을 창출하였습니다.
이 공모에는 새로운 및 기존의 기관 투자자, 회사 경영진 및 이사회 멤버들이 참여하였습니다. 로스 캐피탈 파트너스가 유일한 북러닝 매니저로 활동하였으며, 레이크 스트리트 캐피탈 마켓과 맥심 그룹이 공동 매니저로 참여하였습니다. D.A. 데이비슨 & 코가 재무 자문 역을 맡았습니다.
회사는 순수익을 사용하여 일부 부채를 상환하고 운영을 지원하며 사업 성장을 촉진할 계획입니다. 여기에는 운영 자본 및 일반 기업 목적이 포함됩니다.
Lakeland Fire + Safety (NASDAQ:LAKE) a conclu avec succès son offre publique précédemment annoncée, en vendant 2 093 000 actions de actions ordinaires à 22,00 $ par action, y compris l'exercice complet de l'option du souscripteur pour 273 000 actions supplémentaires. L'offre a généré environ 46,0 millions $ de produits bruts avant de déduire les frais et coûts de souscription.
L'offre a attiré la participation de nouveaux et d'anciens investisseurs institutionnels, de la direction de l'entreprise et de membres du conseil. Roth Capital Partners a été le seul gestionnaire principal, avec Lake Street Capital Markets et Maxim Group en tant que co-gestionnaires. D.A. Davidson & Co. a agi en tant que conseiller financier.
L'entreprise prévoit d'utiliser les produits nets pour rembourser certaines dettes, soutenir les opérations et alimenter la croissance de l'entreprise, y compris le fonds de roulement et les besoins généraux de l'entreprise.
Lakeland Fire + Safety (NASDAQ:LAKE) hat erfolgreich das zuvor angekündigte öffentliche Angebot abgeschlossen und 2.093.000 Aktien Stammaktien zu einem Preis von 22,00 $ pro Aktie verkauft, einschließlich der vollständigen Ausübung der Option des Underwriters für zusätzliche 273.000 Aktien. Das Angebot hat vor Abzug der Underwriting-Kosten und -Aufwendungen etwa 46,0 Millionen $ an Bruttoerlösen generiert.
Das Angebot zog die Teilnahme neuer und bestehender institutioneller Anleger, des Managements des Unternehmens und der Mitglieder des Vorstands an. Roth Capital Partners fungierte als alleiniger Buch-Manager, wobei Lake Street Capital Markets und Maxim Group als Co-Manager auftraten. D.A. Davidson & Co. fungierte als Finanzberater.
Das Unternehmen plant, die Nettomittel zur Rückzahlung bestimmter Schulden, zur Unterstützung des Betriebs und zur Förderung des Unternehmenswachstums zu verwenden, einschließlich Betriebskapital und allgemeiner Unternehmenszwecke.
- Generated $46.0 million in gross proceeds from stock offering
- Strong investor participation including institutional investors and insiders
- Debt reduction through proceeds utilization
- Full exercise of underwriter's option indicates strong demand
- Potential shareholder dilution from issuing 2,093,000 new shares
Insights
The successful completion of Lakeland's
Several key aspects make this offering particularly noteworthy:
- The participation of both new and existing institutional investors, along with management and board members, demonstrates strong internal conviction and external validation of the company's strategy
- The planned debt repayment will improve the balance sheet structure and reduce interest expenses, potentially enhancing profitability
- The allocation of funds for working capital and growth indicates potential expansion in the protective clothing market, which has seen increased demand post-pandemic
- The timing aligns with broader market recovery trends in industrial and healthcare sectors
While the offering creates some dilution for existing shareholders (approximately
HUNTSVILLE, AL / ACCESS Newswire / January 24, 2025 / Lakeland Industries, Inc. ("Lakeland Fire + Safety" or "Lakeland") (NASDAQ:LAKE), a leading global manufacturer of protective clothing for industry, healthcare, and first responders, today announced the closing of its previously announced underwritten public offering of an aggregate of 2,093,000 shares of its common stock at a price to the public of
The offering included participation from new and existing institutional investors, company management and board of directors.
Roth Capital Partners acted as sole book-running manager, and Lake Street Capital Markets, LLC and Maxim Group LLC acted as co-managers for the offering. D.A. Davidson & Co. served as financial advisor to Lakeland.
Lakeland intends to use the net proceeds from the offering for the repayment of certain indebtedness, and for operations and the growth of its business, including working capital and other general corporate purposes.
A shelf registration statement on Form S-3 (File No. 333-280783) relating to the shares was previously filed with the Securities and Exchange Commission (the "SEC") and became effective on July 23, 2024. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus may be obtained by contacting: Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, by telephone at (800) 678-9147 or by email at rothecm@roth.com; Lake Street Capital Markets, LLC, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by telephone at (612) 326-1305, or by email at prospectus@lakestreetcm.com; or Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock, nor will there be any sale of the shares of common stock in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
About Lakeland Fire + Safety
Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire and industrial distributors and wholesale partners. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, such as fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mixture of end users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand.
For more information concerning Lakeland, please visit the Company online at www.lakeland.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies, including statements regarding the public offering and the use of proceeds therefrom, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.
Contacts
Lakeland Fire + Safety
256-600-1390
Roger Shannon
Chief Financial Officer
rdshannon@lakeland.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
LAKE@mzgroup.us
www.mzgroup.us
SOURCE: Lakeland Industries, Inc.
View the original press release on ACCESS Newswire
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