Offering conducted to fund general corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., Nov. 27 - RiT Technologies Ltd. said the underwriters for its public offering of units opted to exercise the deal's $900,000 greenshoe in part, lifting total proceeds of the deal to $6.45 million. The offering was announced Aug. 7 and priced for $6 million with the greenshoe on Nov. 21.
The company sold 3,225,000 units of one ordinary share and a half-share warrant at $2.00 per unit. Of the units, 225,000 were part of the greenshoe.
Each whole warrant will be exercisable at $2.50 for five years. The strike price is a 6.38% premium to the Nov. 20 closing share price of $2.35.
Aegis Capital Corp. was the bookrunner.
Proceeds will be used for general corporate purposes and working capital, primarily for sales and marketing efforts for Beamcaster and PatchView Plus products, research and development for Beamcaster, PatchView Plus and other products and strategic acquisitions and investments.
Based in Tel Aviv, Israel, RiT Technologies is a producer and supplier of infrastructure management and asset management solutions for improved control, utilization and maintenance of networks and datacenters.
| Issuer: | RiT Technologies Ltd.
|
| Issue: | Units of one ordinary share and a half-share warrant
|
| Amount: | $6.45 million (including $450,000 greenshoe)
|
| Units: | 3,225,000
|
| Price: | $2.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Bookrunner: | Aegis Capital Corp.
|
| Announcement date: | Aug. 7
|
| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 27
|
| Stock symbol: | Nasdaq: RITT
|
| Stock price: | $2.35 at close Nov. 20
|
| Market capitalization: | $14.61 million
|
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