MICT Announces $54 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
04 March 2021 - 12:30AM
MICT, Inc. (Nasdaq: MICT) (the "Company"), today
announced it has entered into securities purchase agreements with
institutional investors for the purchase and sale of (i) 19,285,715
shares of common stock and (ii) 19,285,715 warrants to purchase
19,285,715 shares of common stock at a combined purchase price of
$2.80. The gross proceeds to MICT from this offering are expected
to be approximately $54 million before deducting placement agent
fees and other estimated offering expenses. The warrants will be
exercisable immediately, have an exercise price of $2.80 per share
and will expire five years from the date of issuance. The offering
is expected to close on or about March 4, 2021, subject to
customary closing conditions.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (No. 333-248602)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) that was declared effective by the SEC on September 14,
2020, and an additional registration statement on Form S-3 (File
No. 333-253779 ) filed on March 2, 2021 pursuant to Rule 462(b) of
the Securities Act of 1933, as amended, which became effective
automatically upon filing. A prospectus supplement and accompanying
prospectus describing the terms of the proposed offering will be
filed with the SEC and will be available on the SEC’s website
located at http://www.sec.gov. Electronic copies of the prospectus
supplement may be obtained, when available, from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY
10022 or via telephone at 212-624-2060 or
email: prospectus@allianceg.com. Before investing in this
offering, interested parties should read, in their entirety, the
prospectus supplement and the accompanying prospectus and the other
documents that MICT, Inc. has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about MICT,
Inc. and such offering.
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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
About MICT
MICT, Inc. (Nasdaq: MICT) operates through its
subsidiaries, GFH Intermediate Holdings Ltd. (“GFHI”) and Micronet
Ltd. (“Micronet”). GFHI’s versatile proprietary trading technology
platform is designed to serve a large number of high growth sectors
in the global fintech space. Primary areas of focus include online
brokerage for equities trading and wealth management services and
sales of insurance products in several high-growth foreign markets,
including Asia, where GFHI owns a substantial database of users.
Micronet operates in the growing telematics and commercial Mobile
Resource Management market, mainly in the United States and Europe.
Micronet designs, develops, manufactures, and sells mobile
computing solutions that provide fleet operators and field
workforces with computing solutions in challenging work
environments.
Forward-looking Statement
This press release contains certain
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, and Private Securities
Litigation Reform Act, as amended, including those relating to the
timing and completion of the proposed offering and other statement
that are predictive in nature. Such forward-looking statements and
their implications involve known and unknown risks, uncertainties
and other factors that may cause actual results or performance to
differ materially from those projected. The forward-looking
statements contained in this press release are subject to other
risks and uncertainties, including those set forth in the Company’s
filings with the SEC, including, without limitation, its Annual
Report on Form 10-K for the year ended December 31, 2019, its
Quarterly Reports Form 10-Q, and its Current Reports on Form 8-K,
as well as the risks identified in the shelf registration statement
and the prospectus supplement relating to the offering. Except as
otherwise required by law, the Company is under no obligation to
(and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
Contacts:info@mict-inc.com(201) 225-0190
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