Business
ParaZero Technologies Ltd. Announces Closing of $5.1 Million Private Placement
KIRYAT ONO, ISRAEL, Oct. 30, 2023 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (“ParaZero” or the “Company”), an aerospace company focused on drone safety
About this update from Parazero Technologies Ltd.
[{"type":"text","content":"KIRYAT ONO, ISRAEL, Oct. 30, 2023 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (“ParaZero” or the “Company”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, today announced the closing of its recently announced securities purchase agreement. The aggregate gross proceeds to the Company were $5.1 million, before deducting fees to the placement agent and other offering expenses payable by the Company. In connection with the offering, the Company issued an aggregate of 4,636,364 units and pre-funded units. The pre-funded units were sold at the same purchase price less the pre-funded warrant exercise price of $0.005. Each unit and pre-funded unit consisted of one ordinary share (or pre-funded warrant) and one common warrant exercisable for one ordinary share at an exercise price of $1.10 per ordinary share. The common warrants were exercisable upon issuance and will have a term of 5.5 years from the issuance date. The number of securities issued under the units is subject to adjustment as described in more detail in the report on Form 6-K filed in connection with the offering. Aegis Capital Corp. acted as the Exclusive Placement Agent for the Offering. The securities described above were sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the \"Act\"), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the \"SEC\") covering the resale of the ordinary shares sold in the offering and the ordinary shares issuable upon exercise of the pre-funded warrants and the warrants sold in the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to r...