Numerex Corp (NMRX) Announces 2.3M Common Offering at $11.25/Share

January 23, 2013 8:57 AM EST
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Numerex Corp (NASDAQ: NMRX) today announced the pricing of an underwritten public offering of 2,315,000 shares of its common stock at a price to the public of $11.25 per share. The Company has also granted to the underwriters a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 347,250 shares to cover over-allotments in connection with the offering. Assuming no exercise of the over allotment provision, the Company expects to receive gross proceeds of $26.0 million prior to the deduction of underwriting discounts, commissions and offering expenses.

The offering is expected to close on January 28, 2013, subject to customary closing conditions. Needham & Company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group LLC is acting as co-manager. Northland Capital Markets acted as a financial advisor to the Company.

Numerex intends to use the net proceeds from the offering for working capital and general corporate purposes. A portion of the net proceeds also may be used to repay indebtedness. The shares described above are being offered by Numerex pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission.

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