HAWTHORNE, Calif. - OSI Systems Inc. has entered into a definitive purchase agreement for the private placement of 1,500,000 shares of OSI's common stock to three institutional investors. The agreement will result in gross proceeds of approximately $32.3 million for OSI, the company said.
The price per share is based upon the average closing price of the company's common stock for the five days beginning May 24, 2004 and ending May 28, 2004. The transaction is scheduled to close before the close of business on June 2, 2004.
As part of the transaction, the company will issue to the investors warrants to purchase an aggregate of 337,500 additional shares of OSI common stock at an exercise price of $27.73 per share.
After commissions and expenses, the net proceeds to the company will be approximately $31.0 million, said the company. The proceeds will be used for general corporate purposes and working capital needs, it added.
OSI is a California-based manufacturer of security and inspection systems, medical monitoring products and optoelectronic-based components.
