AmpliTech Group (NASDAQ: AMPG, AMPGW), a designer, developer and manufacturer of custom and standard state-of-the-art RF (“RF”) components for commercial, SATCOM, space, defense and military markets, has provided an update on its fundraising efforts and allocation of funds. Since uplisting to the Nasdaq in February 2021, the company has raised more than $30 million, an indication of the investment community’s interest in the company strategic growth plan. In the announcement, the company noted that it plans to use the funds to support organic growth by sales force expansion and boost business development and marketing efforts. The company is also looking to expand production capabilities and strengthen its operations team, as well as make strategic accretive acquisitions and potentially acquire complementary intellectual property. Some monies may also be directed to fund research and development for continued organic growth and purchase capital equipment to increase productivity and engineering support. The company noted that through its fundraising efforts, it has been able to strengthen its balance sheet, pay down debt and use cash and non-dilutive methods to fund M&A activities. The company also outlined potential goals moving forward, including its plan to offer downloads of movies on smart devices in seconds rather than minutes using 5G connections, enable billions of connected devices and millions of connected users simultaneously, and facilitate the development of secure 5G networks and true cybersecurity using hardware chipsets rather than software. “We are pleased to see the level of interest by so many investors in these capital raises,” said AmpliTech CEO Fawad Maqbool in the press release. “We have raised this capital to strengthen the company financially, and thus be in a better position to fulfill larger orders and broaden our customer base.”
To view the full press release, visit https://ibn.fm/HrWQm
About AmpliTech Group Inc.
AmpliTech Group designs, develops and manufactures custom and standard state-of-the-art RF components for the domestic and international, SATCOM, space, defense and military markets. These designs cover the frequency range from 50 kHz to 40 GHz – eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. The company’s steady growth over the past 13-plus years has come about because it can provide complex, custom solutions for nearly any custom requirements. In addition, AmpliTech Group has the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers’ own designs. For more information about the company, visit www.AmpliTechInc.com.
NOTE TO INVESTORS: The latest news and updates relating to AMPG are available in the company’s newsroom at https://ibn.fm/AMPG
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