RADA Raises $12.5 million from Leading Israeli Institutional Investors
November 28 2018 - 8:15AM
RADA Electronic Industries Ltd. (NASDAQ: RADA) today announced that
it has received and accepted offers from two leading Israeli
institutional investors, Psagot and The Phoenix Insurance
Company, to purchase 4,545,454 ordinary shares of the Company
stock for expected gross proceeds of $12.5 million. In
addition, RADA’s major shareholder, DBSI, agreed to invest an
additional $1.5 million, subject to shareholder approval.
The offering is expected to close on or about
November 28, 2018, subject to customary closing conditions.
RADA intends to use the net proceeds from this offering for general
corporate purposes including working capital.
Barak Capital Underwriting is acting as sole
placement agent for the offering in Israel.
The securities described above are being offered
by RADA pursuant to a registration statement on Form F-3 (File No.
333-226845) that was declared effective by the Securities and
Exchange Commission (SEC) on August 21, 2018. A final
prospectus supplement and an accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's web site at www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About RADARADA Electronic
Industries Ltd. is an Israel-based defense electronics contractor.
The Company specializes in the development, production, and sales
of Tactical Land Radars for Force and Border Protection and
Avionics Systems (including Inertial Navigation Systems) for
fighter aircraft and UAVs.
Forward Looking Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Act of 1995. Such statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially. Such risk uncertainties and
other factors include, but are not limited to, changes in general
economic conditions, risks in product and technology developments,
market acceptance of new products and continuing product demand,
level of competition and other factors described in the Company’s
Annual Report on Form 20-F and other filings with the Securities
and Exchange Commission.
Company Contact:Avi
Israel, CFOTel: +972-9-892-1111
mrkt@rada.comwww.rada.com |
Investor Relations
Contact:Ehud Helft/Gavriel FrohweinGK Investor & Public
RelationsTel: +1 646 688 3559rada@gkir.com |
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