Public Nanotech VC Raises Cash (TINY)

Harris & Harris Group, Inc. (NASDAQ: TINY) is one of the few public nanotech and micro-tech interests out there that is in a sector that is still grossly under-followed and under-covered.  The venture capital and investment firm is seeing its shares hit hard today after it priced a public secondary offering of stock.  The company sold 4,250,000 shares of common stock at $4.75 per share, and the gross proceeds are expected to be $18,648,750.00 to the company.

Needham & Company, LLC, the sole book running manager.  If the overallotment option is fully subscribed, then it will have gross proceeds of $21,495,188.00.

The company plans to use the proceeds to make new venture capital investments in nanotechnology and microsystems, and also expects to make follow-on investments in existing portfolio companies.  Of course,  operating expenses are also listed in the use of proceeds.  The company’s shelf registration statement was effective on September 22, 2009.

Before the effects of this offering, we show the market as being right at $130 million after a 9.8% drop to $5.01 today. Its 52-week trading range is $2.65 to $6.93.

What is interesting about this company is that it has a large portfoilio of 30 companies.

JON C. OGG
OCTOBER 6, 2009