Business
PowerFleet Announces Pricing of Underwritten Public Offering
WOODCLIFF LAKE, N.J., Jan. 28, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and
About this update from Powerfleet, Inc.
[{"type":"text","content":"WOODCLIFF LAKE, N.J., Jan. 28, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as material handling equipment, tractor trailers, containers, cargo, automobiles, and light and heavy-duty truck fleets, today announced the pricing of an underwritten public offering of 3,850,000 shares of its common stock at a public offering price of $6.50 per share. PowerFleet has also granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of its common stock. The gross proceeds of the offering to PowerFleet are expected to be approximately $25,025,000, before deducting the underwriting discounts and commissions and other estimated offering expenses and before the exercise of the underwriters’ option to purchase additional shares. The closing of the offering is expected to occur on February 1, 2021, subject to the satisfaction of customary closing conditions. PowerFleet intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, capital expenditures, potential acquisitions, repayment of outstanding indebtedness and redemption of outstanding preferred stock. Canaccord Genuity is acting as sole book-running manager for the offering. Lake Street Capital Markets, Roth Capital Partners and Barrington Research are acting as co-managers for the offering. The shares of common stock will be issued by PowerFleet pursuant to a shelf registration statement on Form S-3 that was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”). This offering may only be made by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The related final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, Suite 1200, Boston, Massachusetts 02110, or by email at [email protected]. This press release shall ...