RADA Announces Pricing of Public Offering of Ordinary Shares
January 08 2020 - 7:26AM
RADA Electronic Industries Ltd. (“RADA”) (NASDAQ: RADA), a global
defense technology company, today announced the pricing of its
underwritten public offering of 4,190,480 of its ordinary shares at
a price to the public of $5.25 per share. In addition, RADA has
granted the underwriters of the offering a 30-day option to
purchase up to an additional 628,572 of its ordinary shares to
cover overallotments, if any. The offering is subject to customary
closing conditions and is expected to close on January 10, 2020.
Net proceeds from the offering are expected to be
approximately $20.3 million, after deducting underwriting discounts
and commissions and estimated offering expenses payable by RADA,
but excluding any exercise of the underwriters’ option to purchase
additional ordinary shares. RADA intends to use the net proceeds
from this offering for general corporate purposes. Canaccord
Genuity LLC is acting as the sole bookrunning manager of the
offering. A.G.P./Alliance Global Partners is acting as the
co-manager of the offering.
The offering is being made pursuant to an effective
shelf registration statement (File No. 333-226845) declared
effective by the Securities and Exchange Commission on August 21,
2018. A prospectus supplement and accompanying base prospectus
relating to the offering will be filed with the Securities and
Exchange Commission. When available, copies of the prospectus
supplement and accompanying base prospectus relating to the
offering may be obtained from the Securities and Exchange
Commission at http://www.sec.gov, or from Canaccord Genuity LLC, 99
High Street, Suite 1200, Boston, Massachusetts 02110, Attn:
Syndicate Department, by telephone at (617) 371-3900, or by email
at prospectus@cgf.com.
This press release does not and shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation, or
sale would be unlawful prior to the registration or qualification
under the securities law of any such state or jurisdiction.
About RADA RADA is a global defense technology
company focused on proprietary radar solutions and legacy avionics
systems. The Company is a leader in mini-tactical radars, serving
attractive, high-growth markets, including critical infrastructure
protection, border surveillance, active military protection and
counter-drone applications.
Safe Harbor Statement Certain
statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Act of
1995, including statements regarding RADA’s expectations with
respect to its proposed offering, the anticipated net proceeds from
the offering and its intended use of proceeds from the offering.
These forward-looking statements speak only as of the date of this
press release and are subject to a number of risks, uncertainties
and assumptions, including the risks and uncertainties associated
with market conditions and the satisfaction of customary closing
conditions related to the proposed public offering, as well as
risks and uncertainties inherent in RADA’s business, including, but
not limited to, changes in general economic conditions, risks in
product and technology developments, market acceptance of new
products and continuing product demand, level of competition and
other factors described in RADA’s Annual Report on Form 20-F
for the year ended December 31, 2018, and other filings with the
Securities and Exchange Commission.
Company Contact:Avi Israel, CFOTel:
+972-9-892-1111 mrkt@rada.com www.rada.com
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