Kopin Corp. offers $7.5M in stock
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Kopin Corp.'s Westborough headquarters
Westborough manufacturer Kopin Corp., less than a week after reporting a $35 million loss in 2018, is offering more than 7.2 million shares of the company’s stock to raise about $7.5 million.
If underwriters exercise their right to purchase an additional 1 million shares, those proceeds, before expenses, could be more than $8.6 million.
The company, which manufactures wearable technologies for military, industrial and consumer products, said it intends to use the funds for general corporate purposes.
In 2018, the company lost more than $35 million as revenues declined about 23 percent. That loss was a downgrade from the $25.4 million it lost in 2017.
Part of the revenue decrease in the fourth quarter was due to the completion of a military program at a subsidiary.
CEO John Fan said in a statement that development of virtual reality applications continue has not materialized.
Military applications continue to lead the way for the company, but that part of the business declined as well in 2018 with $8.7 million in revenue compared to $13.4 million in 2017.
The company ended the year with significantly less cash than when it ended 2017 -- $37.2 million compared to $68.8 million.
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