PROSPECTUS SUPPLEMENT | | | Filed Pursuant to Rule 424(b)(5) |
(To Prospectus dated December 11, 2020) | | | Registration No. 333-251154 |
840,000 Shares of Common Stock
Common Stock
We are offering 840,000 shares of our common stock at a purchase price of $12.50 per share of common stock to institutional investors pursuant to this prospectus supplement and the accompanying prospectus and Securities Purchase Agreements with such investors. Our common stock is quoted on the Nasdaq Capital Market under the symbol "PECK." On January 7, 2021, the last reported sale price of our common stock on the Nasdaq Capital Market was $16.20 per share.
As of January 7, 2021, the aggregate market value of our outstanding common stock held by non-affiliates was approximately $10,758,258, based on 1,992,270 shares of outstanding common stock held by non-affiliates, at a price of $16.20 per share, which was the last reported sales price of our common stock as quoted on the Nasdaq Capital Market on January 7, 2021. Pursuant to General Instruction I.B.6 of Form S-3, in no event during the period of twelve calendar months immediately prior to, and including, the sales under this prospectus supplement, will we sell our common stock in a public primary offering with a value exceeding more than one-third of the aggregate market value of the common stock held by non-affiliates so long as our public float remains below $75 million. Including securities being offered in this prospectus supplement, we have registered the offer and sale of up to $915,000 worth of our common stock pursuant to our “at-the-market” offering program, but we have not sold any shares pursuant to that program or any other securities pursuant to General Instruction I.B.6 of Form S-3 during the twelve calendar months prior to and including the date of this prospectus supplement.
Investing in our Common Stock involves risks. See “Risk Factors” beginning on page S-2 of this Prospectus Supplement, and under similar headings in the other documents that are incorporated by reference into this Prospectus Supplement.
We have retained A.G.P./Alliance Global Partners to act as our exclusive placement agent in connection with the securities offered by this Prospectus Supplement. The placement agent is not purchasing or selling any of these securities nor is it required to sell any specific number or dollar amount of securities, but has agreed to use its reasonable best efforts to sell the securities offered by this Prospectus Supplement. We have agreed to pay the placement agent the placement agent fees set forth in the table below.
| | Per Share | | | Total | |
Public offering price | | | $12.50 | | | $10,500,000 |
Placement agent fees(1) | | | $0.875 | | | $735,000 |
Proceeds, before expenses, to us | | | $11.625 | | | $9,765,000 |
(1) | See “Plan of Distribution” beginning on page S-6 of this prospectus supplement for additional information regarding placement agent fees and estimated offering expenses. |
Delivery of the securities offered hereby is expected to be made on or about January 12, 2021.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or determined if this Prospectus Supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Placement Agent
A.G.P.
This Prospectus Supplement is dated January 8, 2021