Deal funds possible acquisitions of contracts, intellectual property
By Devika Patel
Knoxville, Tenn., Dec. 19 - SuperCom Ltd. said it priced a $12 million public offering of stock with a $1.8 million greenshoe. The deal was announced Nov. 25.
The company will sell 3 million ordinary shares at $4.00 apiece. The price per share is a 5.66% discount to the Dec. 18 closing share price of $4.24.
Aegis Capital Corp. is the sole bookrunner.
Settlement is expected Dec. 24.
Proceeds will be used for possible acquisitions of contracts, for intellectual property and software packages, to develop a local presence in Europe and the Far East and for working capital needs and other general corporate purposes.
Based in Qadima, Israel, SuperCom develops tracking and identification technologies for public safety used by emergency medical personnel, governments and corporations.
| Issuer: | SuperCom Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $12 million
|
| Greenshoe: | $1.8 million
|
| Shares: | 3 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunners: | Aegis Capital Corp.
|
| Co-manager: | Feltl and Co.
|
| Announcement date: | Nov. 25
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 24
|
| Stock symbol: | Nasdaq: SPCB
|
| Stock price: | $4.24 at close Dec. 18
|
| Market capitalization: | $36.65 million
|
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