TATT - TAT Technologies Announces Proposed Private Placement to Israeli Institutional and Accredited Investors | Benzinga
NETANYA , Israel, Dec. 15, 2023 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ:TATT) ("TAT" or the "Company"), a leading provider of products and services to the commercial and military aerospace and ground defense industries, announced today that, following the approval of its Board of Directors, it has received and accepted commitments from Israeli institutional and accredited investors (as defined under Israel's Securities Law, 5728-1968 (the "Investors"), to participate in a in a private placement (the "Private Placement") of Ordinary Shares, par value NIS 0.90 per share, of the Company ("Ordinary Shares").
The Company is expected to issue and sell to the Investors an aggregate of 1,158,600 Ordinary Shares (the "Shares"), for a purchase price of NIS 31.70 per Share (approximately $8.60 per Share*). The newly issued Shares are expected to represent approximately 11.5% of the Company's issued and outstanding Ordinary Shares after the consummation of such sale. The closing of the transaction is subject to customary closing conditions and is expected to be completed by December 31, 2023.
The Company expects to receive net proceeds from the sale of the Shares, after deducting offering expenses, of approximately NIS 36.2 million (or approximately $9.8 million*). The Company intends to use such proceeds for general corporate purposes.
The Private Placement is being made in Israel only and not to U.S. persons, as defined in Rule 902 of the U.S. Securities Act of 1933, as amended (the "Securities Act"), pursuant to a registration exemption afforded by Regulation S promulgated under the Securities Act, and the Shares will be subject to certain transfer restrictions. The Shares will not be registered under the Securities Act and will not be offered or sold in ...