SuperCom (NASDAQ: SPCB), a global provider of secured solutions for the e-Government, IoT and Cybersecurity sectors, today announced the pricing of its public offering of 3,235,295 units at a public offering price of $0.85 per unit with a single institutional investor. Each unit consists of one ordinary share and one warrant to purchase one ordinary share. The common warrants will be immediately exercisable at an exercise price of $0.85 per share and will expire five years from the date of issuance. The ordinary shares and accompanying warrants can only be purchased together in this public offering, but will be issued separately and will be immediately separable upon issuance.
Gross proceeds to the Company, before deducting placement agent fees and other offering expenses, are expected to be approximately $2.75 million. The offering is expected to close on August 3, 2023, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole placement agent in connection with this public offering.
The Company has also agreed that certain existing warrants to purchase up to a total of 2,082,484 ordinary shares of the Company that were issued to such institutional investor on July 25, 2022 and March 31, 2023, will be amended effective upon the closing of the public offering so that the amended warrants will have an exercise price of $0.85 and will expire five years from the date of the closing of this offering.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced safety, identification, and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, please visit SuperCom’s website, www.supercom.com.
