Business
SuperCom Announces Closing of $2.4 Million Registered Direct Offering
TEL AVIV, Israel, March 31, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB) ("SuperCom"), a global provider of secured solutions for the e-Government, IoT and
About this update from Supercom, Ltd.
[{"type":"text","content":"TEL AVIV, Israel, March 31, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB) (\"SuperCom\"), a global provider of secured solutions for the e-Government, IoT and Cybersecurity sectors, announced today the closing of its previously announced registered direct offering with a single accredited institutional investor for the purchase and sale of (1) 1,517,615 of its ordinary shares (or pre-funded warrants in lieu thereof) in a registered direct offering (the \"Offering\"), and (2) 1,517,615 unregistered ordinary shares warrants in a concurrent private placement. The combined effective purchase price for one ordinary share (or pre-funded warrant in lieu thereof) and a warrant to purchase one ordinary share was $1.60. The private warrants are unregistered and the warrants are immediately exercisable, expire five years from the date of issuance, and have an exercise price of $1.66 per ordinary share. SuperCom has also amended certain existing warrants to purchase up to an aggregate of 564,869 ordinary shares of the company that were issued to such institutional investor on July 27, 2022, so that the amended warrants have an exercise price of $1.66. The aggregate gross proceeds to the Company were approximately $2.4 million.\nThe Company intends to use the net proceeds for general corporate purposes, including research and development, execution of the company's growth strategy, project deployment support, and working capital.\nMaxim Group LLC (\"Maxim\") acted as the sole placement agent in connection with these offerings.\nThe ordinary shares (or pre-funded warrants in lieu thereof) are being offered pursuant to SuperCom's shelf registration statement on Form F-3 (File No. 333-261442), which was declared effective by the U.S. Securities and Exchange Commission (the \"SEC\") on December 27, 2021. The public offering was made only by means of a prospectus supplement that forms a part of such registration statement. The warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.\nThis press release does not constitute an offer to sell or the solicitation of an off...