I.D. Systems, Inc. (NASDAQ: IDSY) ("I.D. Systems" or the "Company") today announced the pricing of a $15.0 million underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $5.75. The Company has granted the underwriters a 30-day option to acquire up to 391,304 additional shares of common stock at the public offering price, less underwriting discounts and commissions. After the underwriting discounts and commissions and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $14.2 million, assuming no exercise of the over-allotment option. The Company intends to use the net proceeds from the offering to fund its acquisition of assets of Keytroller, LLC (the "Keytroller Acquisition") and for general corporate purposes. The offering is expected to close on July 17, 2017, subject to the satisfaction of customary closing conditions.
B. Riley & Co., LLC is acting as the sole book-runner in the offering, and Lake Street Capital Markets, LLC is acting as co-manager in the offering.
The shares of common stock will be issued by I.D. Systems pursuant to a shelf registration statement on Form S-3 that was previously filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). This offering may only be made by means of a prospectus supplement and the accompanying prospectus. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at http://www.sec.gov. The related final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying base prospectus related to the offering, when available, may be obtained from B. Riley & Co., LLC, 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025, or by telephone at (888) 295-0155, or by email at email@example.com.
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 the registration or qualification under the securities laws of any such state or other jurisdiction.
More Info: https://www.id-systems.com/d-systems-prices-15-0-million-underwritten-public-offering/
Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing