SuperCom Ltd, an Israeli provider of Electronic Intelligence Solutions for e-Government, Public Safety, and HealthCare, and Finance sectors closed its previously announced underwritten public offering of 2, 415, 000 shares of its ordinary shares at a price to the public of $12.00 per share. This amount includes 315, 000 additional ordinary shares resulting from the underwriters’ exercise in full of the overallotment option at the public offering price.
Not every Israeli company races to an IPO. It took SuperCom 27 years to get to one. Founded in 1988, the company got its start long before anyone ever heard the term Startup Nation.
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SuperCom stated that it intends to use the net proceeds from this offering for general corporate purposes, including working capital. The Company might also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement its business, although the Company has no present commitments or agreements to enter into any acquisitions or investments.
All of the shares in the offering were sold by SuperCom, with total gross proceeds to the Company of approximately $29 million, before deducting underwriting discounts and estimated offering expenses.
Cowen and Company, LLC acted as sole book-runner for the offering, and B. Riley & Co., LLC, Craig-Hallum Capital Group LLC and Feltl and Company, Inc. acted as co-managers.
The public offering was made pursuant to a shelf registration statement on Form F-3 that was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on July 25, 2014.