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Israeli On Track Innovations’ Deal for a Slice of the Apple

IPhone 6 images

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.

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