New York--Oct. 22, 1997--Axsys Technologies Inc. announced that the Securities and Exchange Commission has declared effective the company's registration statement relating to a public offering of 1,528,550 shares of common stock at $27.00 per share, of which 1,064,809 shares are being offered by the company and 463,741 shares are being offered by a selling stockholder.
The company will use approximately $6.9 million of its net proceeds (approximately $27.0 million) to repurchase outstanding warrants which are held by certain warrantholders. The company will use the balance of the net proceeds (approximately $19.7 million) to repay outstanding debt under its credit facility. In connection with the offering, which is underwritten by Montgomery Securities, Furman Selz LLC, and Oppenheimer & Co. Inc., the company has granted its underwriters an option for a period of up to 30 days to purchase an additional 229,283 shares of common stock to cover any over-allotments. The offering is scheduled to close on or about Oct. 27, 1997.
When available, a copy of the final written prospectus can be obtained from Montgomery Securities, 600 Montgomery Street, San Francisco, CA 94111.
Louis D. Mattielli
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