Units consist of one share and a half-share warrant; Aegis assists
By Devika Patel
Knoxville, Tenn., May 30 - Micronet Enertec Technologies, Inc. said on Wednesday that the underwriters for its public offering of units opted to exercise the deal's $1.22 million greenshoe, in part, lifting total proceeds to $8.71 million. The deal priced for $8.1 million with the greenshoe on April 25.
The company sold 1,741,500 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. Of the units, 121,500 were part of the partially exercised greenshoe.
The strike price is a 42.05% premium to the April 24 closing share price of $4.40.
Aegis Capital Corp. was the bookrunner.
Proceeds will be used to purchase additional Micronet ordinary shares, to repay debt, to expand sales and marketing efforts, to increase product offerings and for working capital and general corporate purposes.
The Emerson, N.J., company develops, manufactures, integrates and globally markets 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: | $8,707,500 (including $607,500 greenshoe)
|
| Units: | 1,741,500
|
| 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: | May 29
|
| Stock symbol: | Nasdaq: MICT
|
| Stock price: | $4.40 at close April 24
|
| Market capitalization: | $27.2 million
|
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