Printer and software supplier TransAct Technologies Inc. has issued new shares of its common stock in a plan to raise $10.6 million in gross receipts.
TransAct said in a statement that it will use the net proceeds from the new-share offer for working capital, and other general corporate purposes, “which may include funding the further development of TransAct’s food service technology business and related sales, marketing and product development efforts, technology improvements and personnel costs in support of TransAct’s growth strategy,” according to GGRAsia.
In early August, TransAct reported its food service technology sales in the second quarter rose 155.3 percent year-on-year and 11.9 percent sequentially, to nearly US$3.1 million, benefitting from demand for TransAct’s food-inventory monitoring and food-service tracking system known as Boha.
The stock offering involved 732,500 shares at $14.50 per share, a slight discount on the $14.77 per unit price of the common stock as quoted on Nasdaq at the close of business that day.
