Underwriter Chardan Capital Markets raising funds for debt repayment
By Devika Patel
Knoxville, Tenn., July 31 – Rada Electronic Industries Ltd. said it priced an $8.5 million public sale of stock with a $1.28 million greenshoe on Thursday. The deal was announced June 3.
The company will sell 6,910,569 ordinary shares at $1.23 apiece. The price per share is a 38.19% discount to the July 29 closing share price of $1.99.
Chardan Capital Markets, LLC is the underwriter.
Settlement is expected Aug. 5.
Proceeds will be used for debt repayment, fees and expenses and general corporate purposes, including working capital.
The defense electronics contractor is based in Netanya, Israel.
Issuer: | Rada Electronic Industries Ltd.
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Issue: | Ordinary shares
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Amount: | $8.5 million
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Greenshoe: | $1,275,000, or 1,036,585 shares
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Shares: | 6,910,569
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Price: | $1.23
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Warrants: | No
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Underwriter: | Chardan Capital Markets, LLC
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Announcement date: | June 3
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Pricing date: | July 30
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Settlement date: | Aug. 5
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Stock symbol: | Nasdaq: RADA
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Stock price: | $1.99 at close July 29
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Market capitalization: | $10.97 million
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