Business
Rail Vision Announces Pricing of $6.0 Million Registered Direct and Private Placement Offerings
Ra’anana, Israel, May 10, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company
About this update from Rail Vision Ltd.
[{"type":"text","content":"Ra’anana, Israel, May 10, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company seeking to revolutionize railway safety and the data-related market, today announced that it has entered into definitive agreements with investors for the purchase and sale of 3,947,368 shares and/or pre-funded warrants in a registered direct offering. In a concurrent private placement, the Company also agreed to issue to the same investors a total of 3,947,368 warrants, each to purchase one ordinary share at an exercise price of $0.84 per share. The private placement warrants will be exercisable upon issuance and will have a 5-year term from the initial exercise date. The transactions are expected to close on or about May 11, 2023, subject to the satisfaction of customary closing conditions. In a concurrent private placement, the Company issued an aggregate of 3,947,368 ordinary shares and 3,947,368 5-year warrants exercisable at $0.84 per share to Knorr-Bremse Rail Vehicle Systems, part of Knorr-Bremse AG (KBX.DE) and the largest shareholder of Rail Vision. Knorr-Bremse is the global market leader for braking systems and a leading supplier of other mission-critical systems for rail and commercial vehicles. The Knorr-Bremse private placement is expected to close following approval of such transaction by the Rail Vision shareholders, subject to the satisfaction of customary closing conditions. In all transactions, the purchase price of one share and one 5-year warrant is $0.76; the purchase price of one pre-funded warrant and one 5-year warrant is $0.759, with an exercise price per pre-funded warrant of $0.001. The aggregate gross proceeds to the Company of all transactions are expected to be approximately $6.0 million. Aegis Capital Corp. is acting as the Exclusive Placement Agent. The registered direct offering is being made pursuant to an effective shelf registration statement on Form F-3 (No. 333-271068) previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") and declared effective by the SEC on April 19, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prosp...