2023-03-30 09:42:50 ET
- SuperCom ( NASDAQ: SPCB ) entered into a securities purchase agreement with a single institutional investor to purchase ~$2.4M worth of its shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.
- The combined effective purchase price for one ordinary share and a warrant to purchase one ordinary share will be $1.60.
- Under agreement terms, the company has agreed to sell 1.5M shares; in private placement, which will be completed concurrently with the offering, SuperCom has also agreed to issue warrants to purchase shares.
- Warrants will be immediately exercisable, will expire 5 years from issuance date and will have an exercise price of $1.66/share.
- Offering is expected to close on or about Mar.31, 2023.
- The company has also agreed that certain existing warrants to purchase up to 564,869 ordinary shares that were issued to such institutional investor on July 27, 2022, at an exercise price of $3.20/share.
For further details see:
SuperCom prices $2.4M in stock offering