MINNEAPOLIS, July 13 -- APA Optics Inc. -- a designer, manufacturer and marketer of advanced products for the fiber optic communications, optoelectronics and laser industries -- has raised about $37.5 million in gross proceeds. The funds were raised through registered institutional placements of nearly $2.6 million shares of its common stock, including almost $14 million in previously announced net proceeds.
The company's shares have periodically been sold to investors at market prices through the company's placement agent, Ladenburg Thalmann & Co. Inc. The common stock was issued in April of this year under a $100 million S-3 shelf registration statement.
The funds raised under the shelf registration will be mostly used to expand manufacturing potential at the company's Aberdeen, S.D. facility and for product development and marketing, said APA Optics.