Astrotech Corp. (ASTC)

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Astrotech's CEO Makes Investment In The Company

Astrotech Corporation ("Astrotech" or the "Company") (NASDAQ: ASTC) today announced that it has entered into and closed a private placement of the sale of its equity securities for aggregate gross proceeds to the Company of approximately $2 million,...

Astrotech Corporation ("Astrotech" or the "Company") (NASDAQ: ASTC) today announced that it has entered into and closed a private placement of the sale of its equity securities for aggregate gross proceeds to the Company of approximately $2 million, before deducting offering-related expenses. The Company plans to use the proceeds from the financing primarily for working capital and general corporate purposes. The Company's Chairman of the Board and Chief Executive Officer, Thomas B. Pickens III, has purchased, for an aggregate purchase price of approximately $1 million, 280,898 shares of the Company's series D convertible preferred stock (the "Series D Preferred Stock"), at a price of $3.56 per share, the consolidated closing bid price of the Company's common stock on the NASDAQ Capital Market on April 16, 2019. The Series D Preferred Stock is convertible, at the option of the holder, into an aggregate of 280,898 shares of the Company's common stock.

In addition, a current significant Astrotech shareholder has purchased, for an aggregate purchase price of approximately $1 million, 280,898 shares of the Company's series C convertible preferred stock (the "Series C Preferred Stock"), at a price of $3.56 per share, the consolidated closing bid price of the Company's common stock on the NASDAQ Capital Market on April 16, 2019. The Series C Preferred Stock is convertible, at the option of the holder, into an aggregate of 280,898 shares of the Company's common stock. The holder of the Series C Preferred Stock has agreed to restrict its ability to exercise the Series C Preferred Stock such that the number of shares of the Company common stock held by such holder and its affiliates after such conversion does not exceed 9.99% of the Company's then issued and outstanding shares of common stock.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.

https://www.thestreet.com/press-releases/astrotech-s-ceo-makes-investment-in-the-company-14930961