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- Mobilicom (MOB) raises US$11.8 million (A$16.9 million) via a capital raising and finalises the pricing of its NASDAQ initial public offering
- Funds raised will be used to expand the company’s sales and marketing activities, support research and development, and for working capital
- Though the pricing was not mentioned, CEO Oren Elkayam says listing on the NASDAQ is a key milestone in the company’s execution of its long-term growth strategy
- Earlier today, the company had entered into a trading halt in which company shares will remain paused until August 29
- Shares in Mobilicom are halted at four cents on August 25
Mobilicom (MOB) has raised US$11.8 million (A$16.9 million) via a capital raising.
The company will issue more than 2.85 million units, each consisting of one American depository share (ADS) and one warrant to purchase one ADS at a price of US$4.13 per unit.
Each ADS represents 275 ordinary shares in the company, which means the company will issue 785.95 million shares.
Funds raised will be used to expand the company’s sales and marketing activities, support research and development, and for working capital.
The cybersecurity company has also finalised the pricing of its fully underwritten NASDAQ initial public offering.
Though the pricing was not mentioned, CEO Oren Elkayam said listing on the NASDAQ is a key milestone in the company’s execution of its long-term growth strategy.
“It builds our presence in the world’s largest and most sophisticated drone market, enhancing our credibility and engagement with prospective US Tier-1 drone and robotics manufacturers,” he said.
“It also provides strategic partnership and M&A opportunities, improves liquidity, and ultimately underpins a higher market valuation in line with our US-listed peers.
“The NASDAQ dual listing is expected to assist us in complying with strict regulatory and procurement processes for manufacturers of platforms for US government departments.”
Earlier today, the company had entered into a trading halt.
Company shares will be paused until Monday, August 29, or when further information has been released to the market.
Shares in Mobilicom were halted at four cents on August 25.
