Israel’s MTS – Mer Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a provider of video advertising solutions for online and mobile platforms as well as products and services for telecom expense management, mobile virtual network operators and enablers and an IOT/M2M enablement platform used by mobile service providers, has completed a private placement of 227, 271 ordinary shares, constituting approximately 2.9% of the Company’s outstanding shares, for $500, 000.
The proceeds of the placement will be used to augment the Company’s financial position after the acquisition of Vexigo Ltd. and to provide it with additional working capital.
The shares were sold to Mr. Lior Salansky, chief executive officer of the Company, and to two directors, Mr. Chaim Mer, Chairman of the Company, and Mr. Adi Orzel, Chairman of the newly acquired Vexigo subsidiary. The price paid per share of $2.20 was equal to the closing price of an ordinary share on the NASDAQ Capital Market on Friday, May 8, 2015. The private equity financing was unanimously approved by the Company’s audit committee and board of directors.
Mer Telemanagement Solutions Ltd. (MTS) is a provider of video advertising solutions for online and mobile platforms as well as innovative products and services for telecom expense management billing mobile money services and solutions and an IOT/M2M enablement platform used by mobile service providers.
Headquartered in Raanana, Israel, MTS markets its solutions through wholly owned subsidiaries in Israel, the United States and Hong Kong and through distribution channels. MTS shares are traded on the NASDAQ Capital Market (symbol MTSL).