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SuperCom (NASDAQ:SPCB), 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 $2.9 million of its ordinary shares (or pre-funded warrants in lieu thereof) in a registered direct 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 $0.36.
Under the terms of the securities purchase agreement, SuperCom has agreed to sell 8,116,155 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 8,116,155 ordinary shares. The warrants will be immediately exercisable upon issuance, will expire five years from the date of issuance, and will have an exercise price of $0.38 per ordinary share.
Maxim Group LLC is acting as the sole placement agent in connection with the offering.
The offering is expected to close on or about April 19, 2024, subject to the satisfaction of customary closing conditions.
Posted In: SPCB
