PATRIOT ONE TECHNO COM NPV
Shares of PATRIOT ONE TECHNO COM NPV (OTCMKTS:PTOTF) gained 3.5% after the company announced the signing of an agreement with a syndicate of underwriters, led by Canaccord Genuity Corp. Pursuant to the agreement, the underwriters are to purchase an aggregate of 8.4 million units at a price of $1.20 a unit. The company expects gross proceeds of $10 million from the offering.
PTOTF Offering Details
Each unit on offer comprises of one common share of the company and a warrant for one-half of one common share. PATRIOT ONE TECHNO COM NPV (OTCMKTS:PTOTF) has also granted underwriters an overallotment option for the purchase of an additional 1.3 million units at the offering price.
Patriot One Technologies plans to use net proceeds from the offering to accelerate the deployment of its technology on the international scene and for working capital purposes. The offering should close on or about October 31, 2017.
PTOTF Stock Performance
PATRIOT ONE TECHNO COM NPV (OTCMKTS:PTOTF) impressive run continued in Wednesday’s trading session as the stock continues to trade in an uptrend. The stock is already up by more than 100% this month. However, it remains flat for the year after coming under pressure over the first nine months. PTOTF is currently trading in a $0.99 – $1.30 trading range and traders are waiting to see if it will make a run for the 52-week high of $1.49 a share.
PATSCAN CMR Certification
Separately, the Federal Communications Commission (FCC) has awarded Patriot One Technologies a Declaration of Conformity certification for its award-winning PATSCAN CMR concealed weapon detection system. The certification is a major milestone as it paves way for the company to move into commercial launch across North America.
“The next stage of this exciting journey now begins with select deployments with key early adopters. Our system, which relies on machine learning algorithms, has graduated from the lab and is about to enter the arena of commercial distribution. Our strategy involves deployment through the remainder of the year to meet our backlog of commitments,” said CTO Dinesh Kandanchatha.
PATRIOT ONE TECHNO COM NPV (OTCMKTS:PTOTF) target market for the new weapon detection system encompasses places of worship, academic institutions as well as casinos, hotel properties, and commercial offices. The company has already received orders in the U.S and around the globe as it moves to enhance marketing and support initiatives in major markets.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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