Cemtrex (NASDAQ: CETX) this morning said its board of directors has approved a non-transferable subscription rights offering with proceeds allocated toward new product development and to supplement its acquisition growth plan. The offering will allow Cemtrex’s stockholders of record (as of 4 p.m. ET Dec. 20) to purchase units, each consisting of one share of series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two five-year series 1 warrants, upon the exercise of subscription rights at $10 per unit. Cemtrex intends to offer up to 1.5 million units, giving stockholders the opportunity to subscribe to up to 1.5 million shares of its series 1 preferred stock and warrants to purchase up to 3 million shares of common stock, each of which is expected to trade in the over-the-counter market and be quoted on the OTCQB marketplace.
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About Cemtrex
Cemtrex, Inc. 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
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