ParaZero Technologies Ltd. Announces Closing of $7.8 Million Initial Public Offering
July 31 2023 - 9:38AM
ParaZero Technologies Ltd. (“ParaZero” or the “Company”) today
announced the closing of its initial public offering of 1,950,000
ordinary shares at a price to the public of $4.00 per share. The
gross proceeds of the offering, before deducting underwriting
discounts and commissions and other offering expenses, were $7.8
million.
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.
The ordinary shares began trading on The Nasdaq Capital Market
on July 27, 2022, under the symbol “PRZO”.
Aegis Capital Corp. acted as the sole book-running manager
for the Offering.
The offering was made only by means of a prospectus. Copies of
the final prospectus related to the offering may be obtained from
Aegis Capital Corporation, 1345 Avenue of the Americas, 27th Floor,
New York, NY 10105, by e-mail at syndicate@aegiscap.comor 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 by,
the U.S. Securities and Exchange Commission. 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
ir@parazero.com
ParaZero Technologies (NASDAQ:PRZO)
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