On Friday, Mobilicom Limited (MOB), a firm specializing in cybersecurity and solutions for drone and robotics, announced that it had entered into an agreement with certain institutional investors. The deal involves the sale of 1,903,225 of its American Depositary Shares (ADSs), each priced at $1.55.
The direct registered offering is scheduled to close on or around January 30, and the proceedings are projected to total $2.95 million.
In addition to the above agreement, Mobilicom has privately arranged to place warrants valid for the purchase of up to 1,903,225 ADSs. Each warrant, with an exercise price of $1.55 per ADS, is exercisable at any point following its issuance. Each ADS is equivalent to 275 shares of Mobilicom, which hold no par value.
The firm plans to allocate the net proceeds towards working capital and various corporate purposes.
Ladenburg Thalmann & Co. Inc. served as the exclusive agent for the placement of the offering.
