On Track Innovations (NASDAQ: OTIV) announced that it has priced an underwritten public offering of 6,250,000 ordinary shares at a price of $1.60 per ordinary share for aggregate gross proceeds of $10 million. oti expects net proceeds, after underwriting discounts and commissions and estimated offering expenses payable by oti, of approximately $9.1 million. oti has also granted to the underwriter a 30-day option to purchase up to an additional 937,500 of its ordinary shares to cover over-allotments, if any. The offering is expected to close on or about November 26, 2014, subject to satisfaction of customary closing conditions. Northland Capital Markets is acting as the sole underwriter for the offering.
The ordinary shares are being offered pursuant to a registration statement on Form S-3 (File No. 333-199180) 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 preliminary prospectus supplement relating to the offering has also been filed with the SEC. |