Moving iMage Technologies Announces Closing of Initial Public Offering
13 July 2021 - 10:00PM
Moving iMage Technologies (NYSE: MITQ), a
leading digital cinema company that designs, manufactures,
integrates, installs and distributes a full suite of proprietary
and custom-designed equipment, today announced the closing of its
upsized underwritten public offering of 4,830,000 shares of its
common stock, including the full exercise by the underwriter’s
option to purchase up to 630,000 additional shares of common stock,
at a price to the public of $3.00 per share.
Total gross proceeds to the Company from the
offering, before deducting underwriting discounts and commissions
and other offering expenses, were approximately $14.5 million. The
shares sold in the offering began trading on the NYSE American
under the symbol “MITQ” on July 8, 2021.
The Company expects to use the net proceeds of the
offering to fund the expansion of its sales and marketing
activities, with the balance added to working capital, which may
include the funding of strategic acquisitions. The Company has not
yet identified any acquisition candidates.
Boustead Securities, LLC acted as the sole
underwriter for the offering. Manatt, Phelps & Phillips, LLP
served as legal counsel to Moving iMage Technologies and Schiff
Hardin LLP served legal counsel to the underwriter.
Copies of the prospectus relating to this offering
may be obtained from: Boustead Securities, LLC, via email
at offerings@boustead1828.com, by calling 949-502-4408 or by
standard mail at Boustead Securities, LLC, Attn: Equity Capital
Markets, 6 Venture, Suite 395, Irvine,
CA 92618, USA.
A registration statement relating to the
securities sold in this offering has been filed with the Securities
and Exchange Commission (the “SEC”) on Form S-1 (Reg. No.
333-234159) and was declared effective by the SEC on July 7, 2021.
This registration statement SEC can be obtained by visiting EDGAR
on the SEC website at www.sec.gov.
Moving iMage Technologies is a
leading manufacturer and integrator of purpose-built technology and
equipment to support a wide variety of entertainment applications,
with a focus on motion picture exhibition. MiT offers a wide range
of products and services, including custom engineering, systems
design, integration and installation, enterprise software solution,
digital cinema, A/V integration, as well as customized solutions
for emerging entertainment technology. MiT’s Caddy Products
division designs and sells proprietary cup-holder and other
seating-based products and lighting systems for theaters and
stadiums. For more information, visit
www.movingimagetech.com.
Forward-Looking Statements This
press release contains statements that constitute "forward-looking
statements," including the expected start of trading of the
Company’s common stock, the closing of the Company’s initial public
offering and the anticipated use of the net proceeds received by
the Company from the offering. No assurance can be given that the
offering discussed above will be completed on the terms described,
or at all. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company's registration statement and preliminary prospectus for the
Company's offering filed with the SEC. Copies of these documents
are available on the SEC's website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Investor Relations and Media
Contacts: Laurie Berman/Judy Sfetcu PondelWilkinson Inc.
310-279-5980 Investors@movingimagetech.com
Underwriter Contact: Boustead
Securities, LLC 949-502-4408 offerings@boustead1828.com
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