On Track Innovations Ltd.
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
On Track Innovations (OTI) Completes $22.2 Million Private Placement of
Ordinary Shares
Fort Lee, NJ – November 1, 2005 – On Track Innovations Ltd. (OTI) (NASDAQ:
OTIV; Prime Standard (Frankfurt): OT5), today announced that it has completed
an approximately $22.2 million private placement of new equity financing with
institutional investors from the US, Switzerland and England.
The transaction involved the sale of 1,828,026 units, of which (i) 1,544,568
consist of one ordinary share and a warrant to purchase three-fifths (3/5) of
an ordinary share and (ii) 283,458 consist of one ordinary share and a warrant
to purchase one-half (1/2) of an ordinary share. The purchase price for each
of the 1,828,026 units was $12.15 per unit. The warrants are not exercisable
until May 1, 2006.
On Track Innovations Ltd.
Z.H.R. Industrial Zone
12000 P.O. Box 32 Rosh Pina
Israel
ISIN: IL0010834682
WKN: 924895
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 02.11.2005
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
The warrants are for the purchase of an aggregate of up to 1,068,470 ordinary
shares, have terms of five years and an exercise price of $14.58 per share and
may be redeemed by OTI after two years if the market price of the underlying
ordinary shares reaches $26.25 and certain other conditions are met.
None of the securities sold to the investors or any of the ordinary shares
underlying the warrants have been registered under the Securities Act of 1933.
Accordingly, the securities 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 Securities Act. OTI has
agreed to file a registration statement covering resale of these securities by
the investors.
OTI intends to use the net proceeds from the placement to support large-scale
implementation of projects in the ID and payments markets.
End of message (c)DGAP
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found