Hudson Technologies (HDSN) Announces 2.74M Registered Direct Offering
Hudson Technologies, Inc. (Nasdaq: HDSN) announced today that it has entered into definitive agreements to sell an aggregate of 2,737,500 shares of its common stock and warrants to purchase an aggregate of 1,368,750 shares of common stock in a registered direct offering. The warrants will be exercisable at an exercise price of $2.60 per share beginning six months after the date of issuance and will expire five years after they first become exercisable. Each unit, consisting of one share of common stock and a warrant to purchase 0.50 of a share of common stock, will be sold for a purchase price of $2.00. The offering is expected to close on or about July 7, 2010, subject to customary closing conditions.
Hudson Technologies intends to use the net proceeds from this offering for working capital and general corporate purposes which may include, among other things, funding acquisitions, although the Company has no present commitments or agreements with respect to any such transactions. Hudson may also use a portion of the proceeds to reduce or repay indebtedness under its loan agreement with its existing commercial lender.
Canaccord Genuity Inc. is acting as the sole placement agent for the offering.
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