Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world technology and manufacturing company, has announced that it is revising some pricing terms of its previously announced rights offering, the company said.
The subscription price will be the equal of the lesser of (i) 90% of the Volume Weighted Average Price (“VWAP”) for our common stock for the ten (10) trading day period ending on the Record date, or (ii) 95% of the VWAP for our common stock for the five (5) trading day period through and including Wednesday, December 19, 2018, in each case rounded to the nearest whole penny.
The calendar of the offering shall remain unaltered. All other terms of the offering remain unchanged.
Under the terms of the rights offering, Cemtrex will distribute, at no charge, non-transferable subscription rights to purchase one share of its common stock to holders of record for each share of common stock held on the record date, and one share of its common stock to holders of record for every 10 publicly traded warrants held on the record date. Each basic subscription right entitles the rights holder to purchase one share of common stock at the subscription price. Holders of rights who exercise their basic subscription rights in full will also have an over-subscription privilege, pursuant to which they may subscribe to purchase additional shares at the subscription price to the extent that not all basic subscription rights are exercised by other rights holders, subject to certain limitations and as more fully described in a prospectus supplement relating to the rights offering. Cemtrex will not accept any subscriptions that are less than 100 shares.
Cemtrex is the manufacturer of the SmartDesk, the world´s most advanced workstation. Cemtrex is a diversified technology company that´s driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems.