Actelis Networks, Inc. Announces Closing of Initial Public Offering and Partial Exercise of Over-Allotment Option by Underwriter
FREMONT, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a provider of cyber-hardened, rapid-deployment networking solutions for wide-area IoT networks, today announced the closing of its upsized underwritten initial public offering of an aggregate of 4,212,500 shares of common stock, including the partial exercise by the underwriter of its option to purchase 462,500 additional shares of common stock, at a price to the public of $4.00 per share.
The net proceeds from the offering, including the over-allotment, to Actelis were approximately $15.4 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Actelis. The Company intends to use the proceeds primarily for research and development, sales and marketing, general and administrative purposes, capital investments and working capital. Shares of Actelis’ common stock began trading on The Nasdaq Capital Market on May 13, 2022, under the symbol “ASNS”.
Boustead Securities, LLC acted as the sole managing underwriter and bookrunner for the initial public offering.
A registration statement on Form S-1 (No. 333-264321) relating to the Common Stock sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on May 12, 2022. The offering is being made only by means of a prospectus. A final prospectus relating to the offering was filed with the SEC on May 16, 2022, and is available on the SEC’s website at http://www.sec.gov. A copy of the final prospectus related to the offering may be obtained from Boustead Securities, LLC, via email: [email protected] or by calling +1 (949) 502-4408 or standard mail at Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shll 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 Actelis Networks, Inc.
For more information, please visit www.actelis.com.
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