SuperCom (NASDAQ:SPCB) (“SuperCom”), a global provider of secured solutions for the e-Government, IoT and Cybersecurity sectors, announced today that it has entered into a securities purchase agreement with a single institutional investor to purchase approximately $4.7 million worth of its ordinary shares (or pre-funded warrants in lieu thereof) in a registered direct offering (the “Offering”) and warrants to purchase ordinary shares in a concurrent private placement. The combined effective purchase price for one ordinary share (or pre-funded warrant in lieu thereof) and a warrant to purchase 0.75 ordinary shares will be $0.6174.
Under the terms of the securities purchase agreement, SuperCom has agreed to sell 7,531,585 ordinary shares (or pre-funded warrants in lieu thereof). In a private placement, which will be consummated concurrently with the Offering, SuperCom has also agreed to issue warrants to purchase up to an aggregate of 5,648,689 ordinary shares. The warrants will be exercisable six months after the closing date, will expire five and a half years from the date of issuance, and will have an exercise price of $0.70 per ordinary share.
Maxim Group LLC is acting as the sole placement agent in connection with the offerings.
