Units consist of one share and a half-share warrant; Aegis assists
By Devika Patel
Knoxville, Tenn., April 25 - Micronet Enertec Technologies, Inc. priced an $8.1 million public offering of units with a $1.22 million greenshoe in a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The company will sell 1.62 million units of one common share and a half-share warrant at $5.00 per unit, with each whole warrant exercisable at $6.25 for five years.
The strike price is a 42.05% premium to the April 24 closing share price of $4.40.
Aegis Capital Corp. is the bookrunner.
Settlement is expected April 29.
Proceeds will be used to purchase additional Micronet ordinary shares, repay debt, expand sales and marketing efforts, increase product offerings and for working capital and general corporate purposes.
The Emerson, N.J., company develops, manufactures, integrates and globally market rugged computers, tablets and computer-based systems and instruments for the commercial, defense and aerospace markets.
| Issuer: | Micronet Enertec Technologies, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $8.1 million
|
| Greenshoe: | $1,215,000
|
| Units: | 1.62 million
|
| Price: | $5.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.25
|
| Bookrunner: | Aegis Capital Corp.
|
| Pricing date: | April 25
|
| Settlement date: | April 29
|
| Stock symbol: | Nasdaq: MICT
|
| Stock price: | $4.40 at close April 24
|
| Market capitalization: | $16.27 million
|
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