SuperCom issued 2,370,000 of SuperCom’ s unregistered ordinary shares at $1.35 per ordinary share. Each share was sold together with a warrant with an exercise price of $1.70 per share, exercisable immediately for one unregistered ordinary share of SuperCom and may be exercised for five years. The private placement closed on July 9, 2020.
Maxim Group LLC acted as the sole placement agent for the financing.
“The proceeds from this offering can help support, among other things, working capital growth as we further invest in our technology products and solutions,” commented Arie Trabelsi, CEO of SuperCom. “We believe that as the needs of our customers for our Pure Health and Pure Security solutions continue to grow, we need to continue to provide technology enhancements, shorter delivery times and the same exceptional service they’ve come to expect from us, and in turn, we expect to not just maintain, but grow high-margin recurring revenue streams from these products and solutions in the future.”
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, SuperCom has agreed to file a registration statement with the SEC covering the resale of its issued ordinary shares and its ordinary shares issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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.
Since 1988, SuperCom Ltd. (“SuperCom”) has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation.
SuperCom’s website is http://www.supercom.com
This press release contains 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 (the “Exchange Act”). Statements preceded or followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading “Forward Looking Statements” and those factors captioned as “Risk Factors” in SuperCom’s Annual Report on Form 20-F for the fiscal year ended December 31, 2018 and its other periodic reports under the Exchange Act or in connection with any forward-looking statements that may be made by SuperCom. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements arising from the annual audit by management and SuperCom’s independent auditors. SuperCom undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
SuperCom Corporate Contact:
Ordan Trabelsi, President Americas
SOURCE SuperCom Ltd
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