By Sheri Kasprzak
Atlanta, April 7 - Rada Electronics Industries Ltd. said it expects to raise $3 million in a private placement of stock.
The company plans to sell 965,934 shares at $1.60 each to existing institutional investors, as well as 909,066 additional investment rights, also priced at $1.60 each.
The investors will receive warrants for 1,875,000 shares at $2.10 each for two years.
Based in Netanya, Israel, Rada produces avionics systems for military and commercial aerospace uses. The proceeds will be used to finance the growth of the company's digital video recorder product line and other products.
| Issuer: | Rada Electronics Industries Ltd.
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| Issue: | Stock
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| Amount: | $3 million
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| Shares: | 965,934
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| Price: | $1.60
|
| AIRs: | For 909,066 shares
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| AIRs price: | $1.60
|
| Warrants: | For 1,875,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $2.10
|
| Pricing date: | April 7
|
| Stock price: | $1.649 at close April 7
|
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