Actelis Networks, Inc. Announces Closing of Initial Public Offering and Partial Exercise of Over-Allotment Option by Underwriter
May 17 2022 - 4:30PM
Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis”
or the “Company”), a provider of cyber-hardened, rapid-deployment
networking solutions for wide-area IoT networks, today announced
the closing of its upsized underwritten initial public offering of
an aggregate of 4,212,500 shares of common stock, including the
partial exercise by the underwriter of its option to purchase
462,500 additional shares of common stock, at a price to the public
of $4.00 per share.
The net proceeds from the offering, including the
over-allotment, to Actelis were approximately $15.4 million, after
deducting underwriting discounts and commissions and estimated
offering expenses payable by Actelis. The Company intends to use
the proceeds primarily for research and development, sales and
marketing, general and administrative purposes, capital investments
and working capital. Shares of Actelis’ common stock began trading
on The Nasdaq Capital Market on May 13, 2022, under the symbol
“ASNS”.
Boustead Securities, LLC acted as the sole managing underwriter
and bookrunner for the initial public offering.
A registration statement on Form S-1 (No. 333-264321) relating
to the Common Stock sold in this offering was declared effective by
the Securities and Exchange Commission (the “SEC”) on May 12, 2022.
The offering is being made only by means of a prospectus. A final
prospectus relating to the offering was filed with the SEC on May
16, 2022, and is available on the SEC’s website at
http://www.sec.gov. A copy of the final prospectus related to the
offering may be obtained from Boustead Securities, LLC, via email:
offerings@boustead1828.com or by calling +1 (949) 502-4408 or
standard mail at Boustead Securities, LLC, Attn: Equity Capital
Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy these securities, 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 Actelis Networks, Inc.Actelis Networks is
a market leader in cyber-hardened, hybrid fiber-copper networking
solutions for wide-area IoT applications including federal, state
and local government, ITS, military, utility, rail, telecom and
campus applications. Actelis’ unique portfolio of hybrid
fiber-copper, environmentally hardened aggregation switches, high
density Ethernet devices, advanced management software and
cyber-protection capabilities, unlocks the hidden value of
essential networks, delivering safer connectivity for rapid,
cost-effective deployment.
For more information, please visit www.actelis.com.
Cautionary Statement Concerning Forward-Looking
StatementsThis press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act and other securities laws. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
and similar expressions or variations of such words are intended to
identify forward-looking statements. Forward-looking statements are
not historical facts, and are based upon management’s current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management’s expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the forward-looking
statements. For a more detailed description of the risks and
uncertainties affecting the Company, reference is made to the
Company’s reports filed from time to time with the SEC, including,
but not limited to, the risks detailed in the Company’s final
prospectus (Registration No. 333-264321), filed with the SEC on May
16, 2022. Forward-looking statements speak only as of the date the
statements are made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other
factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update
one or more forward-looking statements, no inference should be
drawn that the Company will make additional updates with respect
thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Actelis is not
responsible for the contents of third-party websites.
Contacts
For Underwriter Inquiries:Boustead Securities, LLCPete Conley,
Head of Intellectual Property (IP) Banking+1
310-383-7874pete@boustead1828.com
Investor Relations:Matt Glover and Ralf EsperGateway Investor
Relations+1 949-574-3860ASNS@gatewayir.com
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