AmpliTech Group (AMPG) shares were up 3% Monday morning after the company said it priced an upsized direct offering of nearly 2.2 million common shares at $4.60 apiece, generating $10 million in gross proceeds for the satellite and communication network components manufacturer.

Prior to pricing the deal, the company and underwriters increased the size of the offering over initial plans to issue nearly 1.9 million shares priced at $3.10 each, which would have produced around $5.8 million in gross proceeds.

According to the preliminary prospectus filed Dec. 26, AmpliTech expects to use net proceeds from the deal for general corporate purposes, including working capital, research and development and to pay down a portion of its $1.3 million loan facility with Altbang Lending II.

Price: 5.89, Change: +0.18, Percent Change: +3.15