Vislink Technologies Announces Pricing of $12,000,000 Public Offering
July 11 2019 - 9:30AM
Vislink Technologies, Inc. (“Vislink”) (NASDAQ: VISL) today
announced the pricing of an underwritten public offering of (i)
1,550,000 shares of common stock together with common stock
warrants (the “common warrants”) to purchase 1,550,000 shares of
common stock and (ii) 4,450,000 pre-funded warrants, with each
pre-funded warrant exercisable for one share of common stock,
together with common warrants to purchase 4,450,000 shares of
common stock. The shares of common stock (or pre-funded warrants,
as applicable) and accompanying common warrants are being sold
together at a combined public offering price of $2.00 per share.
The common warrants will have an exercise price of $5.00 per share,
will be immediately exercisable and will expire five years from the
date of issuance. The common warrants also provide that if during
the period of time between the date that is the earlier of (i) 20
days after issuance and (ii) if the Common Stock trades an
aggregate of more than 20,000,000 shares after the pricing of this
offering, and ending 15 months after issuance, the weighted-average
price of common stock immediately prior to the exercise date is
lower than the then-applicable exercise price per share, each
warrant may be exercised, at the option of the holder, on a
cashless basis for one share of common stock. Vislink has granted
the underwriters an option to purchase up to an additional 900,000
shares of common stock and/or 900,000 common warrants to cover
over-allotments, if any.
The gross offering proceeds to Vislink from the
offering, before deducting the underwriting discounts and
commissions and other estimated offering expenses, and excluding
the exercise of any warrants, are expected to be approximately $12
million. The offering is expected to close on or about July 15,
2019, subject to customary closing conditions.
A.G.P./Alliance Global Partners is acting as
sole book-running manager for the offering.
A registration statement on Form S-1 relating to
the offering was filed with the Securities and Exchange Commission
(“SEC”) on July 1, 2019, and was amended on July 10, 2019 and July
11, 2019 and declared effective on July 11, 2019. The offering is
being made only by means of a prospectus. Vislink’s SEC filings are
available to the public from the SEC's website at www.sec.gov.
Electronic copies of the final prospectus relating to the offering
may also be obtained, when available, by contacting A.G.P./Alliance
Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022
or via telephone at 212-624-2060 or email:
prospectus@allianceg.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Vislink Technologies, Inc.
Vislink Technologies is a global leader in the
development and distribution of advanced communication solutions.
Driven by technical excellence that has led the industry for over
50 years, our innovative products and turnkey solutions provide
reliable connectivity in the toughest environments across the
global live production, military and government sectors. Our
solutions include high-definition communication links that reliably
capture, transmit and manage live event footage, as well as secure
video systems that support mission-critical applications. The
company’s shares are publicly traded on the NASDAQ exchange under
the ticker symbol VISL. For more information, please visit
www.vislink.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including, but not limited to, statements related to
Vislink’s current expectations, plans and prospects. These
forward-looking statements include, without limitation, references
to Vislink’s expectations regarding the closing of the public
offering. These statements are subject to a number of risks and
uncertainties, many of which are difficult to predict, including
market conditions, the satisfaction of customary closing conditions
related to the proposed offering, and the other factors described
in Vislink’s filings with the SEC.
Other risks and uncertainties of which Vislink
is not currently aware may also affect Vislink’s forward-looking
statements. The forward-looking statements herein are made only as
of the date hereof. Vislink undertakes no obligation to update or
supplement any forward-looking statements to reflect actual
results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made.
FOR MORE INFORMATION:
Vislink Technologies:
Daniel Carpini 941-953-9035 daniel.carpini@vislink.com
Investor Relations: John Marco/CORE IR
516-222-2560 johnm@coreir.com
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