OMNIQ Corp. Announces Closing of Public Offering
12 October 2023 - 1:52AM
OMNIQ Corp. (Nasdaq: OMQS), a provider of Artificial Intelligence
(AI)-based solutions, today announced the closing of its previously
announced public offering of 3,000,000 shares of its common stock
(or Pre-Funded Warrants (“Pre-Funded Warrants”) in lieu thereof) at
a public offering price of $1.00 per share (inclusive of the
Pre-Funded Warrant exercise price), for gross proceeds of
approximately $3,000,000, before deducting underwriting discounts
and offering expenses. In addition, OMNIQ Corp. has granted the
underwriters a 45-day option to purchase up to an additional
450,000 shares of common stock and/or Pre-Funded Warrants to cover
over-allotments, if any, at the public offering price, less the
underwriting discount.
The Company intends to use the proceeds from the
offering for working capital and general corporate purposes.
ThinkEquity acted as sole book-running manager
for the offering.
The offering is being made pursuant to an
effective shelf registration statement that has been filed with the
U.S. Securities and Exchange Commission (the “SEC”). The final
prospectus supplement relating to the offering was filed with the
SEC and is available on the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained from
ThinkEquity, 17 State Street, 41st Floor, New York, New York
10004.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other 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 other jurisdiction.
About OMNIQ Corp.:OMNIQ Corp.
provides computerized and machine vision image processing solutions
that use patented and proprietary AI technology to deliver data
collection, real-time surveillance and monitoring for supply chain
management, homeland security, public safety, traffic & parking
management, and access control applications. The technology and
services provided by the Company help clients move people, assets,
and data safely and securely through airports, warehouses, schools,
national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune
500 companies from several sectors, including manufacturing,
retail, distribution, food and beverage, transportation and
logistics, healthcare, oil, gas, and chemicals. The Company
currently addresses several billion-dollar markets, including the
Global Safe City market, forecast to grow to $67.1 billion by 2028,
and the Ticketless Safe Parking market, forecast to grow to $33.5
billion by 2032 and the fast casual restaurant sector expected to
reach $209 billion by 2027.
For more information please
visit www.omniq.com.
Forward Looking
Statements:“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. Statements in this press
release relating to plans, strategies, economic performance and
trends, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.
This release contains “forward-looking
statements” that include information relating to future events and
future financial and operating performance. The words “anticipate”,
“may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,”
“potential” and similar expressions and variations thereof are
intended to identify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which that performance or those results will be
achieved. Forward-looking statements are based on information
available at the time they are made and/or management’s good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Examples of
forward-looking statements include, among others, statements made
in this press release regarding the closing of the public offering
and the use of proceeds received in the public offering. Important
factors that could cause these differences include, but are not
limited to: fluctuations in demand for the Company’s products
particularly during the current health crisis, the introduction of
new products, the Company’s ability to maintain customer and
strategic business relationships, the impact of competitive
products and pricing, growth in targeted markets, the adequacy of
the Company’s liquidity and financial strength to support its
growth, the Company’s ability to manage credit and debt structures
from vendors, debt holders and secured lenders, the Company’s
ability to successfully integrate its acquisitions, and other
information that may be detailed from time-to-time in OMNIQ Corp.’s
filings with the United States Securities and Exchange Commission.
Examples of such forward looking statements in this release
include, among others, statements regarding revenue growth, driving
sales, operational and financial initiatives, cost reduction and
profitability, and simplification of operations. For a more
detailed description of the risk factors and uncertainties
affecting OMNIQ Corp., please refer to the Company’s recent
Securities and Exchange Commission filings, which are available
at https://www.sec.gov. OMNIQ Corp. undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless otherwise required by law.
Investor
Relations:IR@omniq.com
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