Lakeland Industries (LAKE) said Thursday it has priced an underwritten offering of about 1.8 million of its common shares at $22 apiece for expected gross proceeds of roughly $40 million.
The protective clothing supplier said it plans to use the net proceeds to repay certain debt, to support operations, and for general corporate purposes.
Lakeland said it has provided a 45-day option to underwriters to buy up to its 273,000 additional common shares and expects to close the offering around Friday.
Shares of the company were down 12.5% in recent premarket activity.
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