ElSight is raising ILS 24 million in a secondary offering on the Sydney Stock Exchange
The company is conducting a second round of financing in Australia, after the first round was made 3 months ago. ElSight's share responded by a 14% decline. The price is still very high from the issue price
Shiri Haviv-Waldhorn 6/3/18
Nine months ago, the Israeli company ElSight was issued on the Australian Stock Exchange at a company value of $ 20 million. About three months after the offering, ElSight began to climb, and in November it posted a record of 1.68 Australian dollars at the share price, more than eight times the issue price of 20 Australian cents. Since then, the stock has weakened, but it is still trading at prices higher than the issue price.
On Monday, ElSight announced the raising of 9 million Australian dollars (ILS24 million) from institutional and private investors in a secondary offering.
ElSight will issue new 12.5 million shares at a price of 72 cents per share, a 17% discount on the share price at the end of the week.
In response, EןlSight fell 14.4% in Australia yesterday, and today it rose 2% to 76 Australian cents, reflecting a value of 63 million Australian dollars (about 170 million). The participants will receive for each two shares that will purchase an additional share at an exercise price of $ 1 for a period of 3 years. At the end of 2017, ElSight had $ 1.1 million in cash after the company generated a positive cash flow of $ 719,000 in 2017.
ElSight was founded in 2009 and developed a real-time data streaming system capable of sending and receiving encrypted data from anywhere in the world. The company began its career in the security market, and its customers include the Israeli security forces. Today, the company is expanding into new markets beyond the defense market, such as the autonomous car market, live broadcasts and the like.
"ElSight's secure data transfer technology enables it to be integrated into a wide range of products and solutions, from security, emergency medicine, the communications market, autonomous vehicles and more." After launching dedicated solutions for the defense market and completing developments Of solutions to the civilian market, as a complementary step towards aggressive penetration into global markets, we decided to embark on a financing round that will enable us to increase our sales force in order to reach our global markets faster. "
"After the second half of 2017, our share has increased by hundreds of percentage points thanks to strategic partnerships and new customers, we expect that in 2018 we will continue this positive trend with new announcements such as Omnisight," said Roy Kashi, vice president of development and co-founder. Winning unique solutions, penetrating new markets together with the integration of strategic investors who know the potential of our shares and product flexibility enable us to offer the company's products at the highest quality and under a very attractive return on investments. "