Micronet Enertec Technologies, Inc. Announces Public Offering Of Common Stock
Micronet Enertec Technologies, Inc. announced the pricing of an underwritten public offering of 1,620,000 shares of common stock, and warrants to purchase up to an aggregate of 810,000 shares of common stock, at an offering price of $5.00 per share and $0.01 per warrant. The warrants have a per share exercise price of $6.25, are exercisable immediately, and expire five years from the date of issuance. The Company expects that the shares and warrants will begin trading on the NASDAQ Capital Market tomorrow under the symbols MICT and MICTW, respectively. The gross proceeds to the Company from this offering are expected to be $8,100,000, before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares and warrants in the offering are being sold by the Company. The Company currently intends to use a portion of the net proceeds received from this offering to purchase additional Micronet Ltd ordinary shares pursuant to certain of the Company's options and to repay a portion of debt. The Company intends to use the remainder of the net proceeds to expand sales and marketing efforts, to increase product offerings through potential acquisitions or purchases of relevant licenses, and general corporate purposes. The offering is expected to close on April 29, 2013.
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