Laser Photonics Addresses Stock Performance Since IPO
Orlando, FL October 10, 2022 – Laser Photonics Corporation (NASDAQ: LASE), (“LPC”), a leading global industrial developer of Cleantech laser systems for laser cleaning and other materials applications, today commented on its post-IPO stock performance and provided an updated capitalization table as of October 10, 2022.
The shares began trading on September 30, 2022, on the Nasdaq Capital Market under the ticker symbol “LASE,” with a float of 3.0 million shares. LPC Management and ICT Investments, LLC (the Company’s controlling shareholder) are subject to a 180-day lockup that prevents them from selling stock, as are other insiders that bought stock as part of the IPO.
Wayne Tupuola, chief executive officer of Laser Photonics, commented: “While I can only speculate about the share price performance since pricing the IPO, I know that our fundamentals are solid, with strong revenue growth and profits. I also know the management team did not sell a single share in the IPO and has not sold any shares in subsequent trading.
“Our IPO provided us with the necessary funding to execute the initial phases of our growth strategy to disrupt the corrosion control market with our line of CleanTech laser cleaning products. I believe the sheer size of the opportunity, the disruptive capability of our current products and those in development, and our ability to execute will create significant shareholder value over time for our current and prospective investors.”
Dmitriy Nikitin, the controlling shareholder of ICT-Investments and LPC commented, “ICT did not sell any shares in the IPO and has not done so in the open market since. As the controlling shareholder in LPC, we believe there is a massive, untapped opportunity to disrupt a $46 billion market with LPC’s products and that the Company is still in the very early stages of its growth. We look forward to supporting management in making this vision a reality in the coming years.”
Table of Beneficial Owners
|Shares Owned||% Total voting power|
|Total Shares Outstanding||7,878,417||7,878,515||98||100.00%|
|Controlling Shareholder and Affiliates:|
|ICT Investments, LLC (2)||4,688,695||4,688,695||0||59.51%|
|Tatiana Nikitina (4)||41,667||41,765||98||0.53%|
|Named Executive Officers and Directors:|
|Arnold Bykov (4)||46,296||46,296||0||0.59%|
|Tim Schick, CFA (3)||0||0||0||0.00%|
|All Officers and Directors as a Group||148,055||148,055||0||1.88%|
(1) Unless otherwise indicated, the address of such individual is c/o the Company.
(2) Dmitriy Nikitin has voting control through his ownership of all membership interests of ICT Investments LLC.
(3) In July 2022, in connection with his employment with the Company, Mr. Schick received an option to acquire 25,000 shares of common stock that vests in equal amounts over a four¬year period commencing with the anniversary date of his employment, with accelerated vesting in the event of a change of control of the Company.
(4) Tatiana Nikitina and Arnold Bykov resigned from the board effective October 4, 2022
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company’s plans, prospects, potential results and use of proceeds. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, those described under the caption “Risk Factors” in the Registration Statement. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
About Laser Photonics Corporation
Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the $46 billion, centuries old, sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC’s new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC’s “unique-to-industry” systems. For more information, visit www.laserphotonics.com.
Laser Photonics Investor Relations Contact:
Brian Siegel, IRC®, M.B.A.
Senior Managing Director