Deal funds possible acquisitions of contracts, intellectual property
By Devika Patel
Knoxville, Tenn., Dec. 23 - SuperCom Ltd. said the underwriters for its public offering of stock opted to exercise the deal's $1.8 million greenshoe in full, lifting total proceeds to $13.8 million. The deal was announced Nov. 25 and priced for $12 million with the greenshoe on Dec. 19.
The company sold 3.45 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. Of the shares, 450,000 were part of the fully exercised greenshoe.
Aegis Capital Corp. was the bookrunner.
Proceeds will be used for possible acquisitions of contracts, 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: | $13.8 million (including $1.8 million greenshoe)
|
| Shares: | 3.45 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunners: | Aegis Capital Corp.
|
| Co-manager: | Feltl and Co.
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| Announcement date: | Nov. 25
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 23
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| Stock symbol: | Nasdaq: SPCB
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| Stock price: | $4.24 at close Dec. 18
|
| Market capitalization: | $39.01 million
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