Ultralife Announces $13.5 Million Public Offering

Ultralife Batteries, Inc. 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.