NEW YORK, July 8, 2020 /PRNewswire/ --
SuperCom (NASDAQ: SPCB), a global provider of
secure solutions for the e-Government, Public Safety, HealthCare,
and Finance sectors, announced today that it has entered into a
securities purchase agreement with certain accredited investors to
raise $3.2 million through the
issuance in a private placement of approximately 2,370,000 of
SuperCom's ordinary shares and accompanying warrants to purchase an
aggregate of up to approximately 2,370,000 of its ordinary shares
at a purchase price of $1.35 per
ordinary share and accompanying warrant. The warrants will be
exercisable immediately at an exercise price of $1.70 per share and expire five years from the
effective date. The closing of the private placement is subject to
the satisfaction of certain customary closing conditions set forth
in the securities purchase agreement.
"The proceeds from this offering can help support, among other
things, working capital growth as we further invest in and build
our technology products and solutions, "commented Arie Trabelsi, CEO of SuperCom. "We believe that
as the needs for our Pure Health and Pure Security solutions
continue to grow, we need to continue to improve and provide
technology enhancements, short delivery time and the same
exceptional service they've come to expect from us. And in turn, we
expect to not just maintain, but grow these high-margin recurring
revenue streams in the future."
Maxim Group LLC is acting as the sole placement agent for the
transaction.
The ordinary shares and warrants described above have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United
States absent registration with the U.S. Securities and
Exchange Commission (the "SEC") or an applicable exemption from
such registration requirements. The securities were offered only to
accredited investors. Pursuant to a registration rights agreement
with the investors, SuperCom has agreed to file a registration
statement with the SEC covering the resale of its issued ordinary
shares and its ordinary shares issuable upon exercise of the
warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SuperCom
Since 1988, SuperCom Ltd. ("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.
SuperCom's website is http://www.supercom.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Statements preceded or followed by or
that otherwise include the words "believes", "expects",
"anticipates", "intends", "projects", "estimates", "plans", and
similar expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. Forward-looking statements in
this release also include statements about business and economic
trends. Investors should also consider the areas of risk described
under the heading "Forward Looking Statements" and those factors
captioned as "Risk Factors" in SuperCom's Annual Report on Form
20-F for the fiscal year ended December 31,
2018 and its other periodic reports under the Exchange Act
or in connection with any forward-looking statements that may be
made by SuperCom. These statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements arising from the annual
audit by management and SuperCom's independent auditors. SuperCom
undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date of this press release.
SuperCom Corporate Contact:
Ordan Trabelsi, President
Americas
Tel: 1 212 675 4606
ordan@supercom.com
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SOURCE SuperCom Ltd