Los Angeles, CA -- B. Riley & Co. LLC (B. Riley) www.brileyco.com, a broker dealer providing research and trading to institutional clients and investment banking services, announced that it acted as the sole underwriter for Advanced Photonix, Inc. (NYSE-AMEX: API), in a $4.6 million offering.
In a press release issued by API on January 6, 2011, the company reported that the offering included the sale of 2,702,703 shares of API’s Class A Common Stock at a purchase price of $1.48 a share. B. Riley exercised its overallotment option to purchase an additional 405,405 shares of Class A Common Stock on the same terms and conditions.
“The capital raise was completed and was well received as evidenced by the approximately 15% appreciation of the shares since the offering,” according to B. Riley Chairman Bryant Riley. “This offering demonstrates that there is institutional demand to support the growth of smaller companies.”
“We appreciate working with B. Riley,” said Richard Kurtz, Chairman and Chief Executive Officer of Advanced Photonix. “The transaction was done expeditiously and professionally. The B. Riley team exceeded our expectations.”
Ann Arbor, Michigan-based API is a leading supplier with a broad offering of optoelectronic products to a global customer base. It provides optoelectronic solutions, high speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
ABOUT B. RILEY & CO.
B. Riley & Co. is a leading independent investment bank which provides a full array of corporate finance, research, sales, trading and otcqx dad services to corporate, institutional and high net worth individual clients. Investment banking services include merger and acquisitions advisory to public and private middle market companies, initial and secondary public offerings and institutional private placements. Its Corporate Governance Advisory Services Group is engaged by both companies and investors to help maximize value for shareholders. The firm is recognized for its distinguished Equity Research. Founded in 1997, B. Riley is headquartered in Los Angeles and maintains offices in Newport Beach, San Francisco, Philadelphia, Chicago and New York. It is a member of FINRA and SIPC. For more information, please visit www.brileyco.com.
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