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SuperCom Announces Pricing of $2.4 Million Registered Direct Offering
TEL AVIV, Israel, March 30, 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 30, 2023 /PRNewswire/ -- SuperCom (NASDAQ: SPCB) (\"SuperCom\"), a global provider of secured solutions for the e-Government, IoT and Cybersecurity sectors, announced today that it has entered into a securities purchase agreement with a single institutional investor to purchase approximately $2.4 million worth of its ordinary shares (or pre-funded warrants in lieu thereof) in a registered direct offering (the \"Offering\") and warrants to purchase ordinary shares 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 will be $1.60.\nUnder the terms of the securities purchase agreement, SuperCom has agreed to sell 1,517,615 ordinary shares (or pre-funded warrants in lieu thereof). In a private placement, which will be consummated concurrently with the Offering, SuperCom has also agreed to issue warrants to purchase up to an aggregate of 1,517,615 ordinary shares. The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an exercise price of $1.66 per ordinary share.\nMaxim Group LLC is acting as the sole placement agent in connection with the Offering.\nThe Offering is expected to close on or about March 31, 2023, subject to the satisfaction of customary closing conditions.\nSuperCom has also agreed that 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, at an exercise price of $3.20 per ordinary share, will be amended effective upon the closing of the Offering so that the amended warrants will have an exercise price of $1.66.\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 Offering will be made only by means of a prospectus supplement that forms a part of such registration statement. The warrants to be 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...