ParaZero Technologies Ltd. Announces Pricing of $7.8 Million Initial Public Offering
July 26 2023 - 6:09PM
ParaZero Technologies Ltd. (“ParaZero” or the “Company”) announced
today the pricing of its initial public offering of 1,950,000
ordinary shares at a price to the public of $4.00 per share. The
ordinary shares are expected to begin trading on The Nasdaq Capital
Market under the ticker symbol PRZO on July 27, 2023. The gross
proceeds of the offering, before deducting underwriting discounts
and commissions and other offering expenses, are expected to be
$7.8 million, excluding any exercise of the underwriter’s
over-allotment option. The offering is expected to close on July
31, 2023, subject to customary closing conditions.
In addition, ParaZero has granted Aegis Capital Corp. (“Aegis”)
a 45-day option to purchase up to 292,500 additional ordinary
shares at the initial price to the public, less underwriting
discounts and commissions. If Aegis exercises the option in full,
the aggregate proceeds of the base offering and over-allotment are
expected to be approximately $9.0 million, before deducting
underwriting discounts and commissions and offering expenses.
The net proceeds from the initial public offering are expected
to be used for research and development of new technologies as well
as existing products, marketing and sales efforts in new
territories, to discharge certain indebtedness, for working capital
and general corporate purposes and possible future
acquisitions.
Aegis Capital Corp. is acting as the sole book-running
manager for the Offering.
The offering is being made only by means of a prospectus. A copy
of the final prospectus, when available, may be obtained from Aegis
Capital Corporation, 1345 Avenue of the Americas, 27th Floor, New
York, NY 10105, by e-mail at syndicate@aegiscap.com or by
telephone at (212) 813-1010.
A registration statement on Form F-1 (No. 333-265178) relating
to these securities has been filed with, and declared effective on
July 26, 2023 by, the U.S. Securities and Exchange Commission (the
“SEC”). Copies of the registration statement, as amended, can be
accessed through the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
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 any such state or
jurisdiction.
About ParaZero
ParaZero Technologies Ltd. is an aerospace company that is
focused on drone safety systems and engaged in the business of
designing, developing, and providing what we believe are
best-in-class autonomous parachute safety systems for commercial
drones, also known as unmanned aerial systems (“UAS”). ParaZero was
founded by a group of aviation professionals, together with veteran
drone operators, to address the drone industry’s safety challenges.
ParaZero’s goal is to enable the drone industry to realize its
greatest potential through increasing safety and mitigating
operational risk. ParaZero’s unique, patented technology for
drones, the SafeAir system, is designed to protect hardware,
people, and payload in the event of an in-flight failure. The
SafeAir system is a smart parachute system that monitors UAS flight
in real time, identifies critical failures and autonomously
triggers a parachute in the event of an emergency.
Forward Looking Statements:
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words, and include the expected gross proceeds from the
initial public offering, the use of proceeds from the offering, the
expected date for the Company’s ordinary shares to begin trading on
the Nasdaq Capital Market and the expected closing date of the
offering. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. 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 Securities and Exchange Commission (“SEC”),
including, but not limited to, the risks detailed in the Company’s
preliminary prospectus (Registration No. 333-265178), filed with
the SEC on July 24, 2023. Forward-looking statements contained in
this announcement are made as of the date hereof and the Company
undertakes no duty to update such information except as required
under applicable law.
Contacts:
Boaz Shetzer, Chief Executive Officer
boazs@parazero.com
ParaZero Technologies (NASDAQ:PRZO)
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