Strategic investment of up to $16.25M in MICT, with at least $9M funded at the closings
MICT, Inc. (MICT)
US:NASDAQ Investor Relations:
micronet-enertec.com/ir-events%20&%20presentations.asp
Company Research
Source: PR Newswire
MONTVALE, N.J., June 5, 2019 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT) (the "Company"), announced today that yesterday it entered into definitive agreements with a group of strategic investors, pursuant to which such investors have agreed to invest between $9M and $16.25M in MICT subject to Nasdaq approval. The new financing materially strengthens MICT's balance sheet and is contemplated to help to facilitate regaining compliance with Nasdaq's minimum stockholders' equity requirement. This funding package consists of $7M of newly issued convertible preferred shares, which are convertible at $1.10 per MICT share, with 75% warrant coverage, exercisable at $1.01.Additionally, BNN / BI China has agreed to extend to the Company a $2M convertible loan facility (the "BNN Note"), the use of proceeds from which are contemplated to be used in part to replace certain existing creditor instruments, with an option to increase the facility to $3M, plus 100% warrant coverage, also exercisable at $1
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