Magal Security registers $25 million of its stock for rights offering

Offering’s proceeds are earmarked for general corporate purposes

By Devika Patel

Knoxville, Tenn., Aug. 9 – Magal Security Systems Ltd. will price a rights offering of common shares, according to a form F-1 filed Tuesday with the Securities and Exchange Commission. The company has registered up to $25 million of underlying ordinary stock for the deal.

Proceeds will be used for general corporate purposes.

Based in Yehud, Israel, Magal produces security products, including motion detectors, and provides security management.

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