TEL
AVIV, Israel, April 18,
2024 /PRNewswire/ -- SuperCom (NASDAQ: SPCB), a
global provider of secured solutions for the e-Government, IoT, and
Cybersecurity sectors, announced today that it has entered into a
securities purchase agreement with a single institutional investor
to purchase approximately $2.9
million of its ordinary shares (or pre-funded warrants in
lieu thereof) in a registered direct offering and warrants to
purchase ordinary shares in a concurrent private placement. The
combined effective purchase price for one ordinary share (or
pre-funded warrant in lieu thereof) and a warrant to purchase one
ordinary share will be $0.36.
Under the terms of the securities purchase agreement, SuperCom
has agreed to sell 8,116,155 ordinary shares (or pre-funded
warrants in lieu thereof). In a private placement, which will be
consummated concurrently with the offering, SuperCom has also
agreed to issue warrants to purchase up to an aggregate of
8,116,155 ordinary shares. The warrants will be immediately
exercisable upon issuance, will expire five years from the date of
issuance, and will have an exercise price of $0.38 per ordinary share.
Maxim Group LLC is acting as the sole placement agent in
connection with the offering.
The offering is expected to close on or about April 19, 2024, subject to the satisfaction of
customary closing conditions.
The ordinary shares (or pre-funded warrants in lieu thereof) are
being offered pursuant to SuperCom's shelf registration statement
on Form F-3 (File No. 333-261442), which was declared effective by
the U.S. Securities and Exchange Commission (the "SEC") on
December 27, 2021. The offering will
be made only by means of a prospectus supplement that forms a part
of such registration statement. The warrants to be issued in the
concurrent private placement and the ordinary shares issuable upon
exercise of such warrants were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Act"), and Regulation D promulgated thereunder and have not been
registered under the Act or applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the ordinary shares (or
pre-funded warrants in lieu thereof) will be filed by SuperCom with
the SEC. When available, copies of the prospectus supplement
relating to the registered direct offering, together with the
accompanying prospectus, can be obtained at the SEC's website at
www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate
Department, or via email at syndicate@maximgrp.com or telephone at
(212) 895-3745.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional
and digital identity solutions, providing advanced safety,
identification, and security solutions to governments and
organizations, both private and public, throughout the world.
Through its proprietary e-Government platforms and innovative
solutions for traditional and biometrics enrollment,
personalization, issuance and border control services, SuperCom has
inspired governments and national agencies to design and issue
secure Multi-ID documents and robust digital identity solutions to
its citizens and visitors. SuperCom offers a unique all-in-one
field-proven RFID & mobile technology and product suite,
accompanied by advanced complementary services for various
industries including healthcare and homecare, security and safety,
community public safety, law enforcement, electronic monitoring,
livestock monitoring, and building and access automation.
SuperCom's website is http://www.supercom.com
Forward-Looking Statements
This press release contains 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. Statements preceded or followed by or that otherwise
include the words "believes", "expects", "anticipates", "intends",
"projects", "estimates", "plans", and similar expressions or future
or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
or current facts. These forward-looking statements are subject to
risks and uncertainties that could cause our actual results to
differ materially from the statements made. Examples of these
statements include, but are not limited to, statements regarding
business and economic trends, the levels of consumer, business and
economic confidence generally, the adverse effects of these risks
on our business or the market price of our ordinary shares, and
other risks and uncertainties described in the forward looking
statements and in the section captioned "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31, 2022, filed with the U.S. Securities
and Exchange Commission (the "SEC") on April
20, 2023, our reports on Form 6-K filed from time to time
with the SEC and our other filings with the SEC. Except as required
by law, we not undertake any obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this press
release.
SuperCom Investor Relations:
ir@supercom.com
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SOURCE SuperCom