Ability Announces Closing of $10 Million Offering
November 28 2018 - 9:25AM
Ability Inc. (Nasdaq: ABIL) (TASE: ABIL) (“Ability” or the
“Company”), which provides innovative tactical communications
intelligence solutions, announced the closing of a previously
announced registered offering of 3,076,923 units,
at a price of $3.25 per unit, to a single
institutional purchaser. Each unit consists of (i) one ordinary
share (or ordinary share equivalent), and (ii) a warrant to
purchase one ordinary share. Ability received gross proceeds of
approximately $10 million from the offering. The ordinary shares
(or the ordinary share equivalents) and the accompanying warrants
included in the units were purchased together in this offering, but
were issued separately and were immediately separable upon
issuance.
The warrants have a term of five years, are
exercisable immediately and have an exercise price of $3.25 per
ordinary share.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
Ability intends to use the net proceeds from the
offering for general corporate purposes and working capital.
A registration statement on Form F-1 relating to
the offering of the securities described above was filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective on November 21, 2018. The offering was made only by means
of a prospectus forming part of the effective registration
statement. A final prospectus relating to the offering has been
filed on November 27, 2018 with the SEC. Copies of the final
prospectus may be obtained for free by visiting the SEC's website
at www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling
(646) 975-6996 or by emailing placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described therein, 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 Ability
Ability Inc. is the sole owner of Ability
Computer & Software Industries Ltd. (“ACSI”) and Ability
Security Systems Ltd. Headquartered in Tel Aviv, Israel, ACSI was
founded in 1994. ACSI provides advanced interception, geolocation
and cyber intelligence tools used by security and intelligence
agencies, military forces, law enforcement and homeland security
agencies worldwide. ACSI has sold to governments and government
agencies in over 50 countries. ACSI offers a broad range of lawful
interception, decryption, cyber and geolocation solutions for
cellular and satellite communication, including ULIN, or Ultimate
Interceptor, which to our knowledge, is the first-to-market SaaS
strategic interception system with voice and geolocation
capabilities without geographic limitation. State-of-the-art
technology underpins ACSI’s scalable offerings, which can be
tactical-and-portable, or strategic-and-fixed, depending on its
customers’ needs. Additional information regarding ACSI may be
found at http://www.interceptors.com.
Forward Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. For example,
forward-looking statements include statements regarding the
offering, the planned use of the net proceeds from the offering.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information that the
Company has when those statements are made 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. Factors that may
cause such a difference include, without limitation, risks and
uncertainties related to risk factors detailed in the Company’s
filings with the SEC. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
Contact at Ability:
Avi LevinCFO+972-3-6879777avi@ability.co.il
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