MICT Announces Closing of $54 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
March 04 2021 - 4:30PM
MICT, Inc. (Nasdaq: MICT) (the “Company”), today
announced that it closed its previously announced registered direct
offering of (i) 19,285,715 shares of common stock and (ii)
19,285,715 warrants to purchase 19,285,715 shares of common stock
at a combined purchase price of $2.80. The gross proceeds to MICT
from this offering are approximately $54,000,000, before
deducting placement agent fees and other estimated offering
expenses. The warrants are exercisable immediately, have an
exercise price of $2.80 per share and expire five years from the
date of issuance.
A.G.P./Alliance Global Partners acted as sole
placement agent for the offering.
This offering was made pursuant to an effective
shelf registration statement on Form S-3 (No. 333-248602)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) that was declared effective by the SEC on September 14,
2020, and an additional registration statement on Form S-3 (File
No. 333-253779) filed on March 2, 2021 pursuant to Rule 462(b) of
the Securities Act of 1933, as amended, which became effective
automatically upon filing. A prospectus supplement and accompanying
prospectus describing the terms of the offering have been filed
with the SEC and are available on the SEC’s website located
at http://www.sec.gov. Electronic copies of the prospectus
supplement may be obtained from A.G.P./Alliance Global Partners,
590 Madison Avenue, 28th Floor, New York, NY 10022 or via
telephone at 212-624-2060 or
email: prospectus@allianceg.com.
This press release does not constitute an offer
to sell or the 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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
About MICT
MICT, Inc. (Nasdaq: MICT) operates through its
subsidiaries, GFH Intermediate Holdings Ltd. (“GFHI”) and Micronet
Ltd. (“Micronet”). GFHI’s versatile proprietary trading technology
platform is designed to serve a large number of high growth sectors
in the global fintech space. Primary areas of focus include online
brokerage for equities trading and wealth management services and
sales of insurance products in several high-growth foreign markets,
including Asia, where GFHI owns a substantial database of users.
Micronet operates in the growing telematics and commercial Mobile
Resource Management market, mainly in the United States and Europe.
Micronet designs, develops, manufactures, and sells mobile
computing solutions that provide fleet operators and field
workforces with computing solutions in challenging work
environments.
Forward-looking Statement
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and Private Securities
Litigation Reform Act, as amended, including those relating to the
Company’s intended use of proceeds and other statements that are
predictive in nature. Such forward-looking statements and their
implications involve known and unknown risks, uncertainties and
other factors that may cause actual results or performance to
differ materially from those projected. The forward-looking
statements contained in this press release are subject to other
risks and uncertainties, including those set forth in the Company’s
filings with the SEC, including, without limitation, its Annual
Report on Form 10-K for the year ended December 31, 2019, its
Quarterly Reports Form 10-Q, and its Current Reports on Form 8-K,
as well as the risks identified in the shelf registration statement
and the prospectus supplement relating to the offering. Except as
otherwise required by law, the Company is under no obligation to
(and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
Contacts:info@mict-inc.com (201) 225-0190
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