Attached files
file | filename |
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8-K - CURRENT REPORT - BK Technologies Corp | bkti_8k.htm |
EX-5.1 - OPINION OF KIRTON MCCONKIE PC - BK Technologies Corp | bkti_ex51.htm |
EX-4.1 - FORM OF REPRESENTATIVE'S WARRANT - BK Technologies Corp | bkti_ex41.htm |
EX-1.1 - UNDERWRITING AGREEMENT - BK Technologies Corp | bkti_ex11.htm |
Exhibit 99.1
BK Technologies Corporation Announces Closing of Public Offering,
Including Full Exercise of Underwriters’ Over-allotment
Option
WEST MELBOURNE, FL / ACCESSWIRE / June 9, 2021 – BK Technologies Corporation
(NYSE American: BKTI), (“BK
Technologies”
or the “Company”)
today announced the closing of its previously announced public
offering of 4,249,250 shares of its common stock at a public
offering price of $3.00 per share, for aggregate gross proceeds of
$12,747,750, before deducting underwriting discounts and
commissions and estimated offering expenses. The shares sold in the
offering include the exercise in-full by the underwriters of their
over-allotment option to purchase up to 554,250 shares of common
stock in addition to the 3,695,000 shares of the Company’s
common stock, which the underwriters initially agreed to
purchase.
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as sole book-running manager for the offering.
The Company intends to use the net proceeds from the offering
primarily for general corporate purposes, which may include working
capital, capital expenditures, operational purposes, strategic
investments and potential acquisitions in complementary
businesses.
The offering was made pursuant to an effective shelf registration
statement filed with the U.S. Securities and Exchange Commission
(the “SEC”). The final prospectus supplement relating
to the offering was filed with the SEC on June 8, 2021. Copies of
the final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from ThinkEquity, a
division of Fordham Financial Management, Inc., 17 State Street,
22nd Floor, New York, New York 10004, by telephone at (877)
436-3673, or by email at prospectus@think-equity.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About BK Technologies
BK Technologies manufactures high-specification, American-made
communications equipment of unsurpassed reliability and value for
use by public safety professionals and government agencies. BK
Technologies is honored to serve these heroes with reliable
equipment when every moment counts. The Company's common stock
trades on the NYSE American market under the symbol
“BKTI”.
Maintaining its headquarters in West Melbourne, Florida, BK
Technologies can be contacted through its website at
www.bktechnologies.com or directly at
1-800-821-2900.
Forward-Looking Statements
This press release may contain certain forward-looking statements
that are made pursuant to the “Safe Harbor” provisions
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by the use of
forward-looking terminology such as “believes,”
“expects,” “anticipates,”
“intends,” “will,” “may,”
“plans,” “would,” “could,” or
similar expressions. Such forward-looking statements concern the
offering and the Company's operations, economic performance, and
financial condition and are based largely on the Company's beliefs
and expectations. These statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance, or achievements of the Company, or industry results,
to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such factors and risks, some of which have been, and
may further be, exacerbated by the COVID-19 pandemic, include,
among others, the following: changes or advances in technology and
our ability to adapt to such changes; the success of our land
mobile radio product line; successful introduction of new products
and technologies, including our ability to successfully develop and
sell our anticipated new multiband product and other related
products in the planned new BKR Series product line; competition in
the land mobile radio industry; general economic and business
conditions, including federal, state and local government budget
deficits and spending limitations, any impact from a prolonged
shutdown of the U.S. Government, and the ongoing effects of the
COVID-19 pandemic; the availability, terms and deployment of
capital; reliance on contract manufacturers and suppliers; risks
associated with fixed-price contracts; heavy reliance on sales to
agencies of the U.S. Government, which are highly regulated and
subject to termination and oversight audits by government
representatives that could result in adverse findings and
negatively impact our business, and our ability to comply with the
requirements of contracts, laws and regulations related to such
sales; allocations by government agencies among multiple approved
suppliers under existing agreements; our ability to comply with
U.S. tax laws and utilize deferred tax assets; our ability to
attract and retain executive officers, skilled workers and key
personnel; our ability to manage our growth; our ability to
identify potential candidates for, and consummate, acquisition,
disposition or investment transactions, and risks incumbent to
being a noncontrolling interest stockholder in a corporation;
having a large stockholder that might have interests that differ
from the interests of our other stockholders; risks associated with
our general investment strategy; impact of the COVID-19 pandemic on
the companies in which the Company holds investments; impact of our
capital allocation strategy; risks related to maintaining our brand
and reputation, including reputational risks in the event we are
unable to obtain conflict-free components; impact of government
regulation; rising health care costs; our business with
manufacturers located in other countries, including changes in the
U.S. Government and foreign governments' trade and tariff policies,
as well as any further impact resulting from the COVID-19 pandemic;
our inventory and debt levels; protection of our intellectual
property rights; fluctuation in our operating results and stock
price; acts of war or terrorism, natural disasters and other
catastrophic events, such as the COVID-19 pandemic; any
infringement claims; data security breaches, cyber-attacks and
other factors impacting our or our distributors’,
manufacturers’ suppliers’ and other partners’
technology systems; availability of adequate insurance coverage;
maintenance of our NYSE American listing; risks related to being a
holding company; and the effect on our stock price and ability to
raise equity capital of future sales of shares of our common stock.
Certain of these factors and risks, as well as other risks and
uncertainties, are stated in more detail in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2020, in
the Company's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2021, and in the Company’s subsequent
filings with the SEC. These forward-looking statements are made as
of the date of this press release, reflect the Company’s
views with respect to future events, and should not be relied upon
as representing the Company’s views as of any date subsequent
to the date of this release, and the Company assumes no obligation
to update the forward-looking statements or to update the reasons
why actual results could differ from those projected in the
forward-looking statements.
Company Contact:
John
Nesbett / Jennifer Belodeau
IMS
Investor Relations
51
Locust Avenue Suite 300
New
Canaan, CT 06840
jnesbett@institutionalms.com
jbelodeau@institutionalms.com
(203)
972-9200
SOURCE: BK Technologies Corporation