Neonode Prices Public Offering Of 2.49 Mln Shares At $6.60/shr - Quick Facts

(RTTNews) - Neonode Inc. (NEON) announced the pricing of an underwritten public offering of 2.49 million shares of common stock to the public of $6.60 per share. Of the public offering of 2.49 million, 1.17 million shares are being offered by Neonode and an aggregate of 1.32 million shares are being offered by selling stockholders affiliated with Neonode.

The selling stockholders are Neonode's executive chairman Per Bystedt, chief executive officer and director Thomas Eriksson, director Mats Dahlin, director John Reardon, and chief financial officer David Brunton.

The selling stockholders have granted the underwriter a 30-day option to purchase up to an aggregate of 373,592 additional shares of common stock to cover overallotments, if any.

The offering is expected to close on or about September 16, 2013, subject to the satisfaction of customary closing conditions.

The company expects that gross proceeds to the company from the offering will be $7.71 million.

The company noted that it anticipates using its net proceeds from the offering primarily for general corporate purposes, including capital expenditures and working capital. The firm stated that it will not receive any proceeds from the sale of any shares by the selling stockholders.