On Track Innovation, which trades on the Nasdaq with the symbol OTIV, saw its stock rise 12.7%, breaking its 52-week high, on news of a deal with payment card manufacturer ABNote that includes a launch of a “major NFC mobile electronic payment trial with one of the largest institutions in North America, ” as reported by Seekingalpha. The technology combines OTIV’s Wave NFC Dongle and ABNote’s mobile wallet and security service. The result should be a solution that will allow it to work with Apple pay.
The Israel-based provider of near-field communication and cashless payment solutions has also filed a shelf-registration with the Securities and Exchange Commission, as reported by Marketwired. This will allow OTIV to issue ordinary shares and warrants for an amount up to $50 million. CEO Ofer Tziperman said, “It will also allow us to act quickly in case of a requirement for working capital or to pursue our near and long-term strategic objectives.” Once the shelf registration statement becomes effective, oti can sell securities through several methods of distribution.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
