On Track Innovations (OTI) Announces Exercise of Over-Allotment Option Bringing Total Gross Proceeds From Public Offering to $18
February 08 2011 - 6:00AM
On Track Innovations Ltd. (OTI) (Nasdaq:OTIV) today announced that
the underwriters of its recently announced firm commitment
underwritten public offering of ordinary shares have exercised
their over-allotment option to purchase an additional 782,608
ordinary shares. The option was granted in connection with the
public offering of 5,217,392 ordinary shares at a public offering
price of $3.00 per share.
The aggregate gross proceeds that will be raised in the offering
including from the exercise of the over-allotment option will be
about $18 million (and about $16.5 million after underwriting
discounts and commissions and estimated offering expenses payable
by OTI). The offering is expected to close on or about February 8,
2011, subject to satisfaction of customary closing conditions.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw
Capital Group, Inc. (Nasdaq:RODM), is acting as the sole
book-running manager for the offering and Merriman Capital, Inc.
and Chardan Capital Markets, LLC are acting as the co-managers for
the offering.
The ordinary shares are being offered 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 final prospectus supplement and an accompanying prospectus
have been filed with the SEC in connection with the offering. These
documents, as filed with the SEC, 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. Before you invest, you should
read these documents and the other documents that the company has
filed with the SEC for more complete information about the company
and this offering. Investors may obtain these documents for free by
visiting the SEC's website at www.sec.gov.
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
Safe Harbor
Statement
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statements, including, but not limited
to, OTI's expectations regarding the completion, timing and size of
its proposed public offering, whether expressed or implied, are
subject to risks and uncertainties which can cause actual results
to differ materially from those currently anticipated due to a
number of factors which include, but are not limited to, risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed offering, and other risk factors discussed in the
Company's prospectus supplement, Form 20-F and other documents
filed with the Securities and Exchange Commission from time to
time. These forward-looking statements represent the
Company's judgment as of the date of this news release.
Except as legally required, the Company disclaims any intent or
obligation to update these forward-looking statements.
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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