Vicon Industries (VII) disclosed late Tuesday the terms of its rights offering, saying it will distribute one non-transferable subscription right for each share of the company’s common stock owned, at no charge, to the holders of its common stock as at Sept. 22.

Each subscription right will entitle the holder to purchase one share of common stock at the subscription price of $0.40 per share, according to a statement. The rights offering also includes an over-subscription privilege.

About 9.3 million new shares will be available for issuance pursuant to the rights offering, which would generate up to $3.7 million of gross proceeds if fully exercised.

Net proceeds are expected to repay debt under the company’s revolving credit facility, the statement noted.

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