SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2018

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 8 — SUBSEQUENT EVENTS:

a) Public Offering

On November 5, 2018, the Company closed an underwritten registered public offering of 2,726,000 shares of its common stock, including the underwriter’s exercise of its overallotment of 355,565 shares, at a public offering price of $6.75 per share for gross proceeds of approximately $18.4 million. The net proceeds, after underwriting discounts and commissions and estimated expenses, were approximately $16.6 million. The Company intends to use the net proceeds (a) to support its business growth strategy, including broadening its U.S. manufacturing automation and expanding and improving its facilities, and (b) for other general corporate purposes, which may include acquiring additional complementary businesses, technologies and products.

b) Acquisition

On November 6, 2018, the Company completed an acquisition of opTricon GmbH (“opTricon”), pursuant to a share purchase agreement, dated as of October 17, 2018 (the “opTricon Purchase Agreement”) pursuant to which the Company acquired all of the outstanding shares of opTricon for a purchase price of $5.5 million in cash. The opTricon Purchase Agreement contains customary representations and warranties from the Company and opTricon. Of the purchase price paid at closing, $100,000  was deposited in escrow for a potential purchase price adjustment based on the working capital of opTricon and $750,000 was deposited in escrow to satisfy certain claims that the Company may make against the sellers in accordance with the terms of the opTricon Purchase Agreement.