Uni-Pixel prices stock offering at 16 pct discount
Shares of Uni-Pixel slid in premarket trading Thursday after the company priced a stock offering at a 16 percent discount.
Uni-Pixel's stock offering of nearly 1.2 million shares priced at $32 each. Shares closed at $38.07 on Wednesday.
Uni-Pixel makes films for touch screens, electronics and other products. Its stock had struck a 7-year high of $38.31 Wednesday after the company announced a manufacturing and supply deal with Eastman Kodak Co. The deal calls for the companies to open a new manufacturing plant within Kodak's corporate campus in Rochester, N.Y. later this year to make touch-screen sensors.
Proceeds of about $35.8 million are expected after expenses. The Woodlands, Texas, company plans to use the money for working capital and general corporate purposes.
Shares fell $3.58, or 9.4 percent, to $34.49 before the market open.