WOODBURY, N.Y., Aug. 28, 2012 (GLOBE NEWSWIRE) -- Research Frontiers Incorporated (Nasdaq:REFR) today announced that it has priced an underwritten public offering for placement with institutional investors of 1,900,000 shares of its common stock and warrants to purchase 380,000 shares of its common stock, representing all of the shares remaining on the Company's effective shelf registration statement previously filed with the SEC. Each share of common stock sold in this offering will be sold with a warrant to purchase 0.20 of a share of common stock. Each share and corresponding warrant will be sold at an aggregate price to the public of $2.97 (the same price per share and corresponding warrant as the offering the Company completed on July 30, 2012), resulting in gross proceeds of approximately $5,643,000. The net proceeds from the sale of the shares and corresponding warrants, after deducting the underwriter's discount and other estimated offering expenses payable by the Company, will be approximately $5,214,000. The warrants are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $4.45 per share (150% of the aggregate offering price for a share of common stock and corresponding warrant).
Research Frontiers Raises $5.6 Million In Underwritten Offering
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