SuperCom Ltd. Ordinary Shares (NASDAQ:SPCB) shares are trading lower by 29.4% to $0.25 during Thursday’s session after the company announced it entered into an agreement with an institutional investor for a registered direct offering of approximately $2.9 million worth of its ordinary shares.
The deal also includes warrants to purchase ordinary shares in a private placement. The purchase price for one ordinary share and a warrant is set at $0.36. The agreement involves the sale of 8,116,155 ordinary shares (or pre-funded warrants) and issuance of warrants to purchase the same number of shares.
The warrants, with an exercise price of $0.38 per share, will expire five years from the date of issuance and are immediately exercisable.
Maxim Group LLC is facilitating the offering ...
SPCB) Shares Are Nosediving>Full story available on Benzinga.com