Ultralife Announces $13.5 Million Public Offering

NEWARK, N.Y.--Ultralife Batteries, Inc. (NASDAQ: ULBI) announced the pricing of a limited public offering of 1,000,000 shares of its common stock, all of which are being sold by the Company, at $13.50 per share. The Company expects to use the net proceeds from the public offering to retire $3.5 million of its existing McDowell Research Convertible Notes, to finance $6.0 million of the acquisition price of Stationary Power Services, Inc., and to repay $1.0 million of borrowings outstanding under our credit facility used to fund the Innovative Solutions Consulting, Inc. acquisition, with the remaining net proceeds to be used for general corporate purposes. Link. Chart.