Micronet Enertec Technologies Inc Announces Full Exercise Of Underwriter's Over-Allotment Option
Micronet Enertec Technologies Inc announced the exercise of the balance of the over-allotment option granted to the underwriter pursuant to which the underwriter will purchase 121,500 shares of common stock of the Company, at a public offering price of $5.00 per share. The over-allotment option was granted in connection with the Company's previously announced underwritten public offering of 1,620,000 shares of common stock, and warrants to purchase 810,000 shares of common stock. The underwriter previously exercised option to purchase 121,500 shares of common stock of the Company as well as warrants to purchase 121,500 shares of common stock of the Company. The gross proceeds to the Company, including the underwriter's full exercise of over-allotment option, are expected to be $9,324,315, 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 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. Aegis Capital Corp. acted as the sole book-running manager for this offering.
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