Moving iMage Technologies (MITQ) Announces 4.2M Share Offering at $3/sh

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 pricing of its initial public offering of 4,200,000 shares of its common stock at a price of $3.00 per share for total gross proceeds of approximately $12.6 million, before underwriting discounts and commissions. The shares are expected to begin trading today on the NYSE American under the symbol “MITQ.”

The underwriter has an option to purchase up to an additional 630,000 shares of common stock at the initial public offering price, less the underwriting discount, within 45 days from the date of the offering.

The offering is expected to close on or about July 12, 2021, subject to customary closing conditions. 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. The offering has been made only by means of a prospectus, a final copy of which may be requested, when available, from Boustead Securities, LLC, via email at [email protected], 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. In addition, a copy of the final prospectus relating to the offering may be obtained via the Security and Exchange Commission’s (SEC’s) website at www.sec.gov. A registration statement relating to these securities was filed with the SEC and was declared effective on July 7, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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