Adept Technology Inc., which makes autonomous mobile robots and services, has sold 1.3 million shares of stock at $5.75 per share, for net proceeds of about $7.92 million.
Pleasanton, Calif.-based Adept said it expected the offering to existing shareholders and institutional investors to close around June 5. The company’s stock dipped in February, but it expects fourth-quarter revenues to be from $13.5 million to $15 million.
Adept added that it plans to use the proceeds for working capital and general purposes. The company also serves the automotive, electronics, food, medical, and semiconductor industries.
The industrial robotics market in North America is expected to grow at a compound annual growth rate of 12.26 percent from 2015 to 2019, according to a Technavio report.
Distributors aid Adept in selling, testing robots
In addition to giving a financial health update, Adept added two U.S. distributors.
Applied Controls Inc. will distribute Adept’s factory robots in the Mid-Atlantic region, including Delaware, Maryland, Pennsylvania, and New Jersey. Malvern, Pa.-based Applied Controls stated that it has recently invested in demonstration products and test labs to support customers.
“With their staff of knowledgeable product specialists [and] engineers and a well-equipped robot demonstration facility, we are confident Applied Controls will be a successful partner for Adept’s U.S. business,” said Rob Cain, president and CEO of Adept.
HTE Technologies Inc. will market and support Adept’s robots in Illinois, Kansas, and Missouri. St. Louis-based HTE Technologies provides industrial and mobile systems and has also invested in test labs for hands-on training and product evaluation.
More on Adept Technology
“Our new partnership with Adept Technology leverages Adept’s robotic solutions with HTE’s local robotics lab and engineering team to bring the latest in flexible robotic solutions to our customers across all industry segments,” said Kim Shearburn, president of HTE Technologies. “We are excited to be showcasing our new partnership with Adept Technology at our World Series of Manufacturing event June 23rd at Busch Stadium.”
Adept plans to demonstrate its Lynx autonomous intelligent vehicle and its latest-generation eCobra-series 4-axis SCARA robots at the event in St. Louis.