SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, announces the closing of the private placement financing previously announced on July 8, 2020 raising gross proceeds of $3.2 million.
SuperCom issued 2,370,000 of SuperCom’ s unregistered ordinary shares at $1.35 per ordinary share. Each share was sold together with a warrant with an exercise price of $1.70 per share, exercisable immediately for one unregistered ordinary share of SuperCom and may be exercised for five years. The private placement closed on July 9, 2020.
Maxim Group LLC acted as the sole placement agent for the financing.
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“The proceeds from this offering can help support, among other things, working capital growth as we further invest in our technology products and solutions,” commented Arie Trabelsi, CEO of SuperCom. “We believe that as the needs of our customers for our Pure Health and Pure Security solutions continue to grow, we need to continue to provide technology enhancements, shorter delivery times and the same exceptional service they’ve come to expect from us, and in turn, we expect to not just maintain, but grow high-margin recurring revenue streams from these products and solutions in the future.”
The securities sold in this private placement 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.
This 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 such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
