Vislink Technologies Closes $4,000,000 Public Offering
November 27 2019 - 4:16PM
Vislink Technologies, Inc. (“Vislink” or the “Company”) (NASDAQ:
VISL) announced today that it has closed the previously announced
public underwritten offering of securities, with gross proceeds of
approximately $4 million before deducting underwriting discounts,
commissions and other offering expenses payable by the Company.
The securities offered by the Company consist of
(i) 3,201,200 shares of common stock together with 3,201,200
Warrants (the “Warrants”) to purchase 2,400,900 shares of common
stock and (ii) 11,893,100 pre-funded warrants, with each pre-funded
warrant exercisable for one share of common stock, together with
11,893,100 common warrants to purchase 8,919,825 shares of common
stock. The shares of common stock (or pre-funded warrants, as
applicable) and accompanying Warrants are being sold together at a
combined public offering price of $0.265 per share. The pre-funded
warrants are immediately exercisable and may be exercised at any
time until all of the pre-funded warrants are exercised in full.
The Warrants will have an exercise price of $0.2915 per share, will
be immediately exercisable and will expire one year from the date
of issuance. The Warrants also provide that 30 days after issuance
each Warrant may be exercised, at the option of the holder, on a
cashless basis for 0.75 shares of common stock. The Company has
granted the underwriters a 45-day option to purchase up to an
additional 2,264,145 shares of common stock and/or 2,264,145 common
warrants to purchase up to 1,698,108 shares of common stock cover
over-allotments, if any.
The Company intends to use the net proceeds from
this offering for working capital and general corporate
purposes.
A.G.P./Alliance Global Partners acted as the
sole book-running manager for the offering.
This offering was made pursuant to an effective
registration statement on Form S-1 (No. 333-234265) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”)
and declared effective on November 25, 2019. The final prospectus
describing the terms of the offering was filed with the SEC on
November 26, 2019 and is available on the SEC’s website located at
http://www.sec.gov. Electronic copies of the preliminary prospectus
filed with the SEC on November 22, 2019 and the final prospectus
may be obtained from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 36th Floor, New York, NY 10022 or via telephone at
212-624-2060 or email: prospectus@allianceg.com.
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 any such
state or jurisdiction.
About Vislink Technologies,
Inc. Vislink Technologies is a global leader in the
development and distribution of advanced communication solutions.
Driven by technical excellence that has led the industry for over
50 years, our innovative products and turnkey solutions provide
reliable connectivity in the toughest environments across the
global live production, military and government sectors. Our
solutions include high-definition communication links that reliably
capture, transmit and manage live event footage, as well as secure
video systems that support mission-critical applications.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains forward-looking
statements, including, but not limited to, statements related to
Vislink’s current expectations, plans and prospects. These
forward-looking statements include, without limitation, references
to the underwriter’s over-allotment option. These statements are
subject to a number of risks and uncertainties, many of which are
difficult to predict, including market conditions and the other
factors described in Vislink’s filings with the SEC.
Other risks and uncertainties of which Vislink
is not currently aware may also affect Vislink’s forward-looking
statements. The forward-looking statements herein are made only as
of the date hereof. Vislink undertakes no obligation to update or
supplement any forward-looking statements to reflect actual
results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made.
FOR MORE INFORMATION:
Daniel Carpini 941-953-9035 daniel.carpini@vislink.com
Vislink Technologies (NASDAQ:VISL)
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