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ap

Flow International offering $16.4M in stock

Flow International publicly offering $16.4M in common stock

  • On 7:00 am EDT, Wednesday September 2, 2009

KENT, Wash. (AP) -- Flow International Corp., maker of waterjet machines for cutting and cleaning applications, says it expects about $16.4 million in gross proceeds from a public offering of common stock.

The company said it is offering 7,825,000 shares at Tuesday's closing price of $2.10 per share. The company has about 37.8 million shares of common stock outstanding.

Flow International also granted the underwriter an option to buy up to an additional 1,173,750 shares of common stock. Roth Capital Partners is the sole underwriter for the offering.

Proceeds will be used to repay debt and for general corporate purposes. The offering is expected to close Sept. 8.

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