OMNIQ Corp. Announces Proposed Public Offering of Common Stock
October 05 2023 - 4:00PM
OMNIQ Corp. (Nasdaq: OMQS) (“OMNIQ Corp.” or the “Company”) today
announced that it intends to offer to sell shares of its common
stock (and/or pre-funded warrants (“Pre-Funded Warrants”) in lieu
thereof) in an underwritten public offering. All of the shares of
common stock (and/or Pre-Funded Warrants) are to be sold by the
Company.
ThinkEquity is acting as sole book-running
manager for the offering.
The Company expects to grant the underwriter a
45-day option to purchase up to an additional 15% of the number of
shares of common stock and/or Pre-Funded Warrants sold in this
offering to cover over-allotments, if any. The offering is subject
to market conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
The Company intends to use the net proceeds from
the offering primarily for working capital and general corporate
purposes.
The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No.
333-272877), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on June 6, 2023 and
declared effective on July 5, 2023. The offering will be made only
by means of a written prospectus. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been or will be filed with the SEC on its website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to the offering may also be
obtained from the offices of ThinkEquity, 17 State Street, 41st
Floor, New York, New York 10004. Before investing in this offering,
interested parties should read in their entirety the preliminary
prospectus supplement and the accompanying prospectus and the other
documents that the Company has filed with the SEC that are
incorporated by reference in such preliminary prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall 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
registration or qualification under the securities laws of such
state or jurisdiction.
About OMNIQ Corp.:
OMNIQ Corp. provides computerized and machine
vision image processing solutions that use patented and proprietary
AI technology to deliver data collection, real-time surveillance
and monitoring for supply chain management, homeland security,
public safety, traffic & parking management, and access control
applications. The technology and services provided by the Company
help clients move people, assets, and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments. OMNIQ’s customers include
government agencies and leading Fortune 500 companies from several
sectors, including manufacturing, retail, distribution, food and
beverage, transportation and logistics, healthcare, oil, gas, and
chemicals. The Company currently addresses several billion-dollar
markets, including the Global Safe City market, forecast to grow to
$67.1 billion by 2028, and the Ticketless Safe Parking market,
forecast to grow to $33.5 billion by 2032 and the fast casual
restaurant sector expected to reach $209 billion by 2027.
For more information please
visit www.omniq.com.
Forward-Looking Statements:
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. Statements in this press
release relating to plans, strategies, economic performance and
trends, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.
This release contains “forward-looking
statements” that include information relating to future events and
future financial and operating performance. The words “anticipate”,
“may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,”
“potential” and similar expressions and variations thereof are
intended to identify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which that performance or those results will be
achieved. Forward-looking statements are based on information
available at the time they are made and/or management’s good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Examples of
forward-looking statements include, among others, statements made
in this press release regarding the proposed public offering and
the use of proceeds received in the proposed public offering.
Important factors that could cause these differences include, but
are not limited to: fluctuations in demand for the Company’s
products particularly during the current health crisis, the
introduction of new products, the Company’s ability to maintain
customer and strategic business relationships, the impact of
competitive products and pricing, growth in targeted markets, the
adequacy of the Company’s liquidity and financial strength to
support its growth, the Company’s ability to manage credit and debt
structures from vendors, debt holders and secured lenders, the
Company’s ability to successfully integrate its acquisitions, and
other information that may be detailed from time-to-time in OMNIQ
Corp.’s filings with the United States Securities and Exchange
Commission. Examples of such forward looking statements in this
release include, among others, statements regarding revenue growth,
driving sales, operational and financial initiatives, cost
reduction and profitability, and simplification of operations. For
a more detailed description of the risk factors and uncertainties
affecting OMNIQ Corp., please refer to the Company’s recent
Securities and Exchange Commission filings, which are available
at https://www.sec.gov. OMNIQ Corp. undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless otherwise required by law.
Investor
Relations:IR@omniq.com
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