Company grants underwriter Northland Securities $1.5 million greenshoe
By Marisa Wong
Madison, Wis., Nov. 21 – On Track Innovations Ltd. priced a public offering of ordinary shares on Thursday. The company priced 6.25 million ordinary shares at $1.60 per share, according to an 8-K filing with the Securities and Exchange Commission.
The deal includes a 30-day greenshoe for up to an additional 937,500 shares.
Northland Securities, Inc. is the underwriter.
The offering is expected to close on Nov. 26.
As previously announced, proceeds will be used for working capital and capital expenditures.
Based in Rosh-Pina, Israel, On Track makes cashless payment products.
Issuer: | On Track Innovations Ltd.
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Issue: | Ordinary stock
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Amount: | $10 million
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Shares: | 6.25 million
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Greenshoe: | For up to 937,500 additional shares
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Price: | $1.60
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Warrants: | No
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Underwriter: | Northland Securities, Inc.
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Pricing date: | Nov. 20
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Settlement date: | Nov. 26
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Stock symbol: | Nasdaq: OTIV
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Stock price: | $1.90 at close Nov. 20
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Market capitalization: | $63.73 million
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