By Devika Patel
Knoxville, Tenn., June 20 - Medis Technologies Ltd. will raise $29 million in a direct offering of shares, according to a company press release. These shares are being offered under an S-3 shelf registration which was declared effective by the Securities and Exchange Commission on April 24.
The company will sell 6,823,529 shares at $4.25 apiece. Investors also will receive five-year warrants for 2,941,176 common shares, exercisable at $5.50.
Rodman & Renshaw, LLC is the placement agent.
Proceeds will be used for working capital and general corporate purposes.
Medis Technologies is a New York-based maker of fuel cell batteries used in consumer and military electronics.
| Issuer: | Medis Technologies Ltd.
|
| Issue: | Common stock
|
| Amount: | $29 million
|
| Shares: | 6,823,529
|
| Price: | $4.25
|
| Warrants: | For 2,941,176 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.50
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | June 20
|
| Stock symbol: | Nasdaq: MDTL
|
| Stock price: | $5.00 at close June 19
|
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