AIRPORT CITY, Israel, Jan. 10,
2023 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ)
(TASE: MYSZ.TA) ("MySize" or the "Company"), an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
to drive revenue growth and reduce costs for its business clients,
today announced that it has entered into definitive agreements for
the issuance and sale of 441,899 of its shares of common stock (or
common stock equivalents) at a purchase price of $3.055 per share in a registered direct offering.
In a concurrent private placement, My Size has also agreed to issue
and sell 540,098 of its shares of common stock (or common stock
equivalents), at the same purchase price as in the registered
direct offering. In addition, the Company has agreed to issue in
the offerings unregistered Series A warrants to purchase up to an
aggregate of 981,997 shares of common stock and Series B warrants
to purchase up to an aggregate of 981,997 shares of common stock.
The registered direct offering and the private placement were
priced at-the-market under Nasdaq rules. The aggregate gross
proceeds to the Company of both offerings is expected to be
approximately $3.0 million. The
offerings are expected to close on or about January 12, 2023, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offerings.
Each series of warrants will have an exercise price $2.805 per share and become exercisable
immediately upon issuance. The Series A warrants have a term of
five and one-half years from the date of issuance and the Series B
warrants have a term of 28 months from the date of issuance.
My Size currently intends to use the net proceeds from the
offerings for general corporate purposes, including working
capital.
The shares of common stock (or common stock equivalents) offered
in the registered direct offering (but excluding the securities
offered in the private placement and the shares of common stock
underlying the warrants) are being offered and sold by My Size
pursuant to a "shelf" registration statement on Form S-3
(Registration No. 333-251679), including a base prospectus,
previously filed with the Securities and Exchange Commission (SEC)
on December 23, 2020 and declared
effective by the SEC on December 30,
2020. The offering of the shares of common stock (or common
stock equivalents) to be issued in the registered direct offering
are being made only by means of a prospectus supplement that forms
a part of the registration statement. A final prospectus supplement
and an accompanying base prospectus relating to the registered
direct offering will be filed with the SEC and will be available on
the SEC's website located at http://www.sec.gov. Electronic
copies of the prospectus supplement and accompanying base
prospectus may also be obtained by contacting H.C. Wainwright &
Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711
or e-mail at placements@hcwco.com.
The securities issued in the private placement and unregistered
warrants described above were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Act"), and Regulation D promulgated thereunder and, along with the
shares of common stock underlying the warrants, have not been
registered under the Act, or applicable state securities laws.
Accordingly, the unregistered shares, the warrants and underlying
shares of common stock may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About My Size, Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
including MySizeID and recently acquired Naiz Fit to drive revenue
growth and reduce costs for its business clients. Orgad, its online
retailer platform, has expertise in e-commerce, supply chain, and
technology operating as a third-party seller on Amazon.com and
other sites. MySize recently launched FirstLook Smart Mirror, a
mirror-like touch display that provides in-store customers an
enhanced shopping experience and contactless checkout. FirstLook
Smart Mirror extends MySize's reach into physical stores and is
expected to contribute to revenues through unit sales and recurring
service fees.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com.
We routinely post information that may be important to investors
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Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are subject to a number of risks and uncertainties,
including, but not limited to market and other conditions, the
completion of the offerings, the satisfaction of customary closing
conditions related to the offerings and the intended use of net
proceeds from the offerings. These statements are identified by the
use of the words "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" and similar expressions that are intended to identify
forward-looking statements. All forward-looking statements speak
only as of the date of this press release. You should not place
undue reliance on these forward-looking statements. Although we
believe that our plans, objectives, expectations and intentions
reflected in or suggested by the forward-looking statements are
reasonable, we can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond our control) and assumptions that could cause
actual results to differ materially from historical experience and
present expectations or projections. Actual results may differ
materially from those in the forward-looking statements and the
trading price for our common stock may fluctuate significantly.
Forward-looking statements also are affected by the risk factors
described in the Company's filings with the U.S. Securities and
Exchange Commission. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Investor Contact:
Or Kles, CFO
or@mysizeid.com
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SOURCE My Size Inc.