Cemtrex provides additional information regarding rights offering
Cemtrex provided more information regarding its upcoming rights offering. "We currently have a backlog of approximately 800 SmartDesks and this offering will provide funds to help fulfill these orders by getting 1500 SmartDesks delivered in our warehouse from our supply chain in the coming weeks," said Saagar Govil, CEO of Cemtrex. "With 1500 SmartDesks on hand, we will also be able to accommodate the requirements of new clients who want be part of our Enterprise sales program and furthermore, we will be able to immediately deliver any new orders, eliminating the wait that customers might face. Once these 1500 SmartDesks are shipped, we will generate revenue of approximately $7.5 million, and with 35% gross margins, a hefty gross profit of $2.6 million. These funds will be reinvested into the production of the next batch of SmartDesks."