NETANYA , Israel, Dec. 15,
2023 /PRNewswire/ -- TAT Technologies Ltd.
(NASDAQ: TATT) ("TAT" or the
"Company"), a leading provider of products and
services to the commercial and military aerospace and ground
defense industries, announced today that, following the approval of
its Board of Directors, it has received and accepted commitments
from Israeli institutional and accredited investors (as defined
under Israel's Securities Law,
5728-1968 (the "Investors"), to participate in a in a
private placement (the "Private Placement") of
Ordinary Shares, par value NIS 0.90
per share, of the Company ("Ordinary Shares").
The Company is expected to issue and sell to the Investors an
aggregate of 1,158,600 Ordinary Shares (the
"Shares"), for a purchase price of NIS 31.70 per Share (approximately $8.60 per Share*). The newly issued Shares are
expected to represent approximately 11.5% of the Company's issued
and outstanding Ordinary Shares after the consummation of such
sale. The closing of the transaction is subject to customary
closing conditions and is expected to be completed by December 31, 2023.
The Company expects to receive net proceeds from the sale of the
Shares, after deducting offering expenses, of approximately
NIS 36.2 million (or approximately
$9.8 million*). The Company intends
to use such proceeds for general corporate purposes.
The Private Placement is being made in Israel only and not to U.S. persons, as
defined in Rule 902 of the U.S. Securities Act of 1933, as amended
(the "Securities Act"), pursuant to a registration
exemption afforded by Regulation S promulgated under the Securities
Act, and the Shares will be subject to certain transfer
restrictions. The Shares will not be registered under the
Securities Act and will not be offered or sold in the United States without registration or
applicable exemption from the registration requirements according
to the Securities Act.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy or subscribe for any securities
or a solicitation of any vote or approval nor shall there be any
sale, issuance or transfer of securities in any jurisdiction in
which such offer, solicitation, sale, issuance or transfer would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
* Calculated based on the exchange rate of $1.00:NIS 3.685, as
published by the Bank of Israel on
December 14, 2023.
Legal Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or our future
financial or operating performance. Forward-looking statements
in this press release include, but are not limited to, statements
related to our expectations regarding the issuance and sale of the
shares, the closing date of the transaction, and the Company's
intended use of the proceeds from the sale of the Shares. Our
expectations and beliefs regarding these matters may not
materialize, and actual results or events in the future are subject
to risks and uncertainties that could cause actual results or
events to differ materially from those projected, including,
without limitation, as a result of the war and hostilities between
Israel and Hamas and Israel and Hezbollah. The forward-looking
statements contained in this press release are subject to other
risks and uncertainties, including those more fully described in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 20-F filed with the Securities and
Exchange Commission on March 29,
2023. The forward-looking statements in this press release
are based on information available to the Company as of the
date hereof, and the Company disclaims any obligation to update any
forward-looking statements, except as required by law.
About TAT Technologies Ltd.
TAT Technologies Ltd. is a leading provider of services and
products to the commercial and military aerospace and ground
defense industries. TAT operates under four segments: (i) Original
equipment manufacturing ("OEM") of heat transfer solutions and
aviation accessories through its Gedera facility; (ii) MRO services
for heat transfer components and OEM of heat transfer solutions
through its Limco subsidiary; (iii) MRO services for aviation
components through its Piedmont subsidiary; and (iv) Overhaul and
coating of jet engine components through its Turbochrome
subsidiary. TAT controlling shareholders is the FIMI Private Equity
Fund.
TAT's activities in the area of OEM of heat transfer solutions
and aviation accessories primarily include the design, development
and manufacture of (i) broad range of heat transfer solutions, such
as pre-coolers heat exchangers and oil/fuel hydraulic heat
exchangers, used in mechanical and electronic systems on board
commercial, military and business aircraft; (ii) environmental
control and power electronics cooling systems installed on board
aircraft in and ground applications; and (iii) a variety of other
mechanical aircraft accessories and systems such as pumps, valves,
and turbine power units.
TAT's activities in the area of MRO Services for heat transfer
components and OEM of heat transfer solutions primarily include the
MRO of heat transfer components and to a lesser extent, the
manufacturing of certain heat transfer solutions. TAT's Limco
subsidiary operates an FAA-certified repair station, which provides
heat transfer MRO services for airlines, air cargo carriers,
maintenance service centers and the military.
TAT's activities in the area of MRO services for aviation
components include the MRO of APUs, landing gears and other
aircraft components. TAT's Piedmont subsidiary operates an
FAA-certified repair station, which provides aircraft component MRO
services for airlines, air cargo carriers, maintenance service
centers and the military.
TAT's activities in the area of overhaul and coating of jet
engine components includes the overhaul and coating of jet engine
components, including turbine vanes and blades, fan blades,
variable inlet guide vanes and afterburner flaps.
For more information of TAT Technologies Ltd., please visit our
web-site: www.tat-technologies.com
Contact:
Mr. Ehud
Ben-Yair
Chief Financial Officer
ehudb@tat-technologies.com
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SOURCE TAT Technologies Ltd.