ISP Optics Acquired by LightPath

Optical component and assembly manufacturer LightPath Technologies Inc. has acquired precision optics manufacturer ISP Optics Corp. for $12 million in cash with a balance of five-year subordinated notes issued to the sellers.

LightPath also announced the completion of a previously announced underwritten public offering of 8 million shares of its Class A common stock, including the full exercise by the underwriters of their option to purchase 1 million shares of Class A common stock to cover over-allotments, at a public offering price of $1.21 per share. Net proceeds amount to approximately $8.85 million.

“We are excited to have consummated the acquisition of ISP Optics Corp. as planned and welcome ISP employees to the expanding global LightPath team,” said Jim Gaynor, president and CEO of LightPath. “This transformative acquisition was made possible through a fully subscribed underwritten public offering of common stock. The offering successfully attracted to the company numerous high-quality institutional investors, in addition to personal investments from members of our executive management team and board of directors. The combination of LightPath and ISP positions us for continued growth with greater scale and scope to offer a comprehensive platform of visible and infrared solutions.”

LightPath designs, manufactures and distributes optical and IR components including molded glass aspheric lenses and assemblies, IR lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM lenses for the industrial, medical, telecommunications, testing and measurement industries.