Micronet Enertec Technologies Inc Announces Closing of Public Offering of Common Stock and Warrants
Micronet Enertec Technologies Inc announced the closing of an underwritten public offering of 1,620,000 shares of common stock, and warrants to purchase 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 April 23, 2018. The Company also announced that the underwriter partially exercised its over-allotment option and acquired warrants to purchase 121,500 shares of common stock. The underwriter also has a 45-day option to purchase up to an additional 243,000 shares of common stock to cover additional over-allotments, if any. The gross proceeds to the Company, including the underwriter's partial exercise of its over-allotment option, were $8,109,315, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. The Company 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 its debt. The Company intends to use the remainder of the net proceeds to expand its sales and marketing efforts, to increase its product offerings through potential acquisitions or purchases of relevant licenses, and general corporate purposes. Aegis Capital Corp. is acting as the sole book-running manager for this offering.
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