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SuperCom plans to raise $26 million in a secondary offering, to finance acquisitions and other activities.
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/By Shiri Habib-Valdhorn /
Electronic ID and radio-frequency ID solutions developer SuperCom Inc. (Nasdaq: SPCBD) will return to Nasdaq, following a 600% gain in its share price over the past 12 months. The company, currently traded on the Bulletin Board, made a reverse share split at a 4.25:1 ration to meet the Nasdaq listing requirements. The company will begin trading on Nasdaq Capital Market on Tuesday, September 17, under the ticker “SPCB”.
SuperCom’s largest shareholder, with a 44% stake, is Sigma Wave Ltd., controlled by Arie Trabelsi, which lost in the bidding to acquire Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) from its receiver. Sigma Wave acquired SuperCom in 2010, and Trabelsi successfully turned it around and restored it to profitability.
SuperCom plans to raise $26 million in a secondary offering, to finance acquisitions and other activities. In August, the company bought back the SmartID business of OTI – On Track Innovations Ltd. (Nasdaq: OTIV; DAX: OT5) for $10 million, and up to an additional $12.5 million in milestone payments, after originally selling the activity to OTI in 2006.
SuperCom fell 1% on Friday to $5, giving a market cap of $43.5 million.
Published by www.globes-online.com
