FARMINGDALE, N.Y., Feb. 16, 2017
FARMINGDALE, N.Y., Feb. 16, 2017 /PRNewswire/ -- Cemtrex, Inc. (NasdaqCM: CETX) announced that the Series 1 preferred shares (NASDAQ Symbol: CETXP) and Series 1 warrants (NASDAQ Symbol: CETXW) which the Company issued in its recent rights offering are slated to commence trading on Friday, February 17, 2017 on NASDAQ capital Markets.. The Company conducted a rights offering last month, which gave shareholders the opportunity to purchase units that consist of one share of series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two series 1 warrants, each to purchase one share of Cemtrex's common stock at $6.31 per share for a period of five years after the January 20, 2017 closing of the offering.
Cemtrex conducted the rights offering primarily to raise additional capital to supplement its operating cash flows to fund new product development, as well as its acquisition plans to complement its organic growth. Mirroring this growth, Cemtrex recently reported first quarter consolidated results of operations for the three months ended December 31, 2016. The Company registered a 103% increase in net income, and 56% annual advance in EPS for FY 2017 Q1.
The rights offering was made pursuant to Cemtrex's effective registration statement on Form S-1 (Reg. No. 333-213369) on file with the U.S. Securities and Exchange Commission (the "SEC"). A final prospectus for the rights offering may be reviewed here.
Cemtrex, Inc. (CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants and Greenhouse gases used in carbon trading globally. For more information, please visit www.cemtrex.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. These forward-looking statements are inherently difficult to predict. Actual results, including all matters relating to the rights offering and all matters relating to our future financial results, could differ materially for a variety of reasons. Information about factors that could potentially affect our financial results is included in our registration statement which is referred to above. These and our other subsequent filings with the SEC identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates and other forward-looking statement
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SOURCE Cemtrex Inc.