BK Technologies Corp (NYSEAMERICAN:BKTI) continues to be under pressure in the pre-market on Thursday. The stock has witnessed a continuous sell-off over the past month with a fall of 25%.

Market Reaction

As of 7.29, BKTI stock is down by 1.83% at $3.21. Volume is light with 500 shares traded hands so far.

Major Trigger:

BK TECHNOLOGIES CORP : Unregistered Sale of Equity Securities, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

Key Highlights:

• On June 6, 2021, BK Technologies Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with ThinkEquity, a division of Fordham Financial Management, Inc. (the “Representative”), as representative of the several underwriters listed therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell 3,695,000 shares of common stock of the Company (the “Offering Shares”), par value $0.60 per share (the “Common Stock”), in a public offering (the “Offering”), at a public offering price of $3.00 per share.
• The Company also granted a 45-day option to the Underwriters to purchase up to 554,250 additional shares (the “Option Shares”) of Common Stock, representing approximately fifteen percent (15%) of the Offering Shares sold in the Offering, solely to cover over-allotments, if any.
• On June 9, 2021, the Company issued and sold to the Underwriters pursuant to the Underwriting Agreement the Offering Shares and Option Shares for estimated net proceeds of approximately $11.6 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.