MICT Closes On $7.25 Million In Strategic Funding
MICT, Inc. (MICT)
US:NASDAQ Investor Relations:
micronet-enertec.com/ir-events%20&%20presentations.asp
Company Research
Source: PR Newswire
MONTVALE, N.J., July 31, 2019 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT) (the "Company") announced today that it has successfully closed on a series of strategic transactions resulting in the receipt by the Company of a total of $7.25 million, consisting of Series A convertible preferred stock and convertible notes. An additional $1.75 million is committed be invested in Series A convertible preferred stock on or before September 10, 2019, which will result in an aggregate of $9 million in proceeds to the Company. The recent closings are comprised, before expenses, of $5.25 million in Series A convertible preferred stock, as well as a $2 million convertible note purchased by BNN Technology to replace MICT's existing creditor instruments on more favorable terms, plus applicable warrant coverage. BNN and MICT have the option to increase the amount of the note financing to $3 million in the future. Darren Mercer, Executive Director of BNN Technology and a non-executive director of MICT
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