On Track Innovations (OTI) Announces Closing of Public Offering of Ordinary Shares
09 February 2011 - 3:35AM
On Track Innovations Ltd. (OTI) (Nasdaq:OTIV) today announced the
closing of its recently announced firm commitment underwritten
public offering of 6,000,000 ordinary shares, including shares
issued pursuant to the underwriters over-allotment option, at a
public offering price of $3.00 per share. The aggregate gross
proceeds raised in the offering including from the exercise of the
over-allotment option are $18 million (and about $16.5 million
after underwriting discounts and commissions and estimated offering
expenses payable by OTI).
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw
Capital Group, Inc. (Nasdaq:RODM), acted as the sole book-running
manager for the offering and Merriman Capital, Inc. and Chardan
Capital Markets, LLC acted as co-managers for the offering.
The ordinary shares were sold pursuant to a registration
statement on Form F-3 (File No. 333-171507) filed pursuant to the
Securities Act of 1933, as amended, which was previously filed
with, and declared effective by, the Securities and Exchange
Commission (SEC). A prospectus supplement in connection with the
offering, dated February 3, 2011, was filed with the SEC and is
available on the SEC's website at http://www.sec.gov. A copy of the
prospectus supplement and the accompanying base prospectus may be
obtained by sending a request to Rodman & Renshaw, LLC at 1251
Avenue of the Americas, New York, NY 10020, via telephone at (212)
430-1710 or via email to prospectus@rodm.com.
This press release shall not constitute an offer to
sell, or a solicitation of an offer to buy, 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
registration or qualification under the securities laws of any such
state or jurisdiction.
About OTI
OTI designs, develops and markets secure contactless
microprocessor-based smart card technology to address the needs of
a wide variety of markets. Applications developed by OTI include
product solutions for petroleum payment systems, homeland security
solutions, electronic passports and IDs, payments, mass transit
ticketing, parking and loyalty programs.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
CONTACT: OTI Contact:
Galit Mendelson
Vice President of Corporate Relations
201 944 5200 ext. 111
galit@otiglobal.com
Investor Relations:
Miri Segal
MS-IR LLC
917-607-8654
msegal@ms-ir.com
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