Business
SuperCom Announces $3.2 Million Private Placement
NEW YORK, July 8, 2020 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and
About this update from Supercom, Ltd.
[{"type":"text","content":"NEW YORK, July 8, 2020 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, announced today that it has entered into a securities purchase agreement with certain accredited investors to raise $3.2 million through the issuance in a private placement of approximately 2,370,000 of SuperCom's ordinary shares and accompanying warrants to purchase an aggregate of up to approximately 2,370,000 of its ordinary shares at a purchase price of $1.35 per ordinary share and accompanying warrant. The warrants will be exercisable immediately at an exercise price of $1.70 per share and expire five years from the effective date. The closing of the private placement is subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.\n\"The proceeds from this offering can help support, among other things, working capital growth as we further invest in and build our technology products and solutions, \"commented Arie Trabelsi, CEO of SuperCom. \"We believe that as the needs for our Pure Health and Pure Security solutions continue to grow, we need to continue to improve and provide technology enhancements, short delivery time and the same exceptional service they've come to expect from us. And in turn, we expect to not just maintain, but grow these high-margin recurring revenue streams in the future.\"\nMaxim Group LLC is acting as the sole placement agent for the transaction.\nThe ordinary shares and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission (the \"SEC\") or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, SuperCom has agreed to file a registration statement with the SEC covering the resale of its issued ordinary shares and its ordinary shares issuable upon exercise of the warrants.\nThis 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 ...