Neonode (NEON) Announces 1.98M Common Stock Offering

September 10, 2013 4:02 PM EDT
Neonode Inc. (NASDAQ: NEON) today announced the commencement of an underwritten public offering of 1,978,492 shares of Neonode common stock, of which 1,000,000 shares are being offered by Neonode and an aggregate of 978,492 shares are being offered by selling stockholders affiliated with Neonode. The selling stockholders are Neonode’s executive chairman Per Bystedt, chief executive officer and director Thomas Eriksson, director Mats Dahlin, director John Reardon, and chief financial officer David Brunton. The selling stockholders expect to grant the underwriter a 30-day option to purchase up to an aggregate of 296,773 additional shares of common stock to cover overallotments, if any.

Neonode anticipates using its net proceeds from the offering primarily for general corporate purposes, including capital expenditures and working capital. Neonode will not receive any proceeds from the sale of any shares by the selling stockholders.

Craig-Hallum Capital Group is acting as the sole book-running manager for the offering. GP Bullhound Ltd. is acting as a financial advisor to the Company in connection with the offering.

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