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OTI Completes $15.1 Million Equity Financing to Institutional Investors

Tuesday 4 May 2004 17:22 CET | News

On Track Innovations (OTI) has closed on $15.1 million of new equity financing. OTI stated that the funds will be used to support large scale implementation of one or more new projects that OTI is about to undertake for its customers, to enable OTI to increase its role in the delivery channel for different projects and to support OTIs strategic growth in other respects.Oppenheimer & Co. Inc. acted as placement agent in the private placement of the units, which were sold to financial institutions. OTI sold 1,300,000 units, each consisting of one ordinary share and a warrant to purchase six-tenths (6/10) of an ordinary share. The aggregate purchase price of the shares was $15,132,000, at a price of $11.64 per share. The warrants, which are for the purchase of an aggregate of up to 780,000 ordinary shares, will have terms of five years and an exercise price of $13.97 per share, and may be redeemed by OTI after two years if the market price of the underlying ordinary shares reaches $25.15 and certain other conditions are met. The units were offered and sold, pursuant to exemptions provided by Section 4(2) of the Securities Act of 1933 and Regulation D thereunder. None of the securities was offered, or may be sold or otherwise transferred, in the absence of an effective registration statement under the Securities Act and applicable state securities laws or an opinion of counsel acceptable to OTI and its counsel that such registration is not required. No offer to sell, or solicitation of any offer to purchase, such securities is made by this press release.

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Categories: Payments & Commerce | Cards
Countries: World
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Payments & Commerce