TEL
AVIV, Israel, Feb. 10,
2025 /PRNewswire/ -- Innoviz Technologies Ltd.
(NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of
high-performance, automotive grade LiDAR sensors and perception
software, today announced that it has entered into a definitive
securities purchase agreement with certain institutional investors
for the purchase and sale of 28,776,978 units at a purchase price
of $1.39 per unit, with each unit
consisting of one ordinary share and eight tenths of a warrant to
purchase one ordinary share. The warrants will be immediately
exercisable at $1.69 per share and
will expire five years from the date of issuance. The ordinary
shares and warrants are immediately separable and will be issued
separately. The offering is expected to close on February 11, 2025, subject to customary closing
conditions.
The total gross proceeds of the offering are expected to be
approximately $40.0 million, before
placement agent fees and estimated offering expenses and assuming
no exercise of any warrants. Innoviz intends to use the proceeds
that it will receive from the offering for general business
purposes.
WestPark Capital, Inc. is acting as the sole placement agent for
the offering.
A registration statement on Form F-3 relating to the securities
to be sold in the registered direct offering has been filed with
the U.S. Securities and Exchange Commission (the "SEC") and was
declared effective on October 11,
2022. This registered direct offering is being made only by
means of a prospectus. A copy of the prospectus supplement and the
accompanying prospectus relating to this offering, when available,
may be obtained for free by visiting EDGAR on the SEC's website at
www.sec.gov. Alternatively, a copy of the prospectus supplement and
the accompanying prospectus relating to this registered direct
offering, when available, may be obtained from: WestPark Capital,
Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, at (310) 843-9300 or
jstern@wpcapital.com.
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 Innoviz
Innoviz is a global leader in LiDAR technology, serving as a
Tier 1 supplier to the world's leading automotive manufacturers and
working towards a future with safe autonomous vehicles on the
world's roads. Innoviz's LiDAR and perception software "see" better
than a human driver and reduce the possibility of error, meeting
the automotive industry's strictest expectations for performance
and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by
internationally recognized premium car brands for use in consumer
vehicles as well as by other commercial and industrial leaders for
a wide range of use cases.
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of the federal securities laws, including statements
regarding the completion and timing of the offering and the
intended use of the proceeds. Forward-looking statements represent
Innoviz's current expectations regarding future events and are
subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those implied by the
forward-looking statements. Among those risks and uncertainties are
market conditions, including the trading price and volatility of
Innoviz's securities, risks relating to Innoviz's business and the
satisfaction of closing conditions in the securities purchase
agreement related to the offering. The forward-looking statements
included in this press release speak only as of the date of this
press release, and Innoviz does not undertake to update the
statements included in this press release for subsequent
developments, except as may be required by law.
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
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SOURCE Innoviz Technologies