Innoviz Technologies Ltd. (INVZ), a Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, announced Monday that it has entered into a definitive securities purchase agreement with certain institutional investors for the purchase and sale of around 28.78 million units at a purchase price of $1.39 per unit.
Each unit consists of one ordinary share and eight tenths of a warrant to purchase one ordinary share.
The Israeli company noted that the warrants will be immediately exercisable at $1.69 per share and will expire five years from the date of issuance. The ordinary shares and warrants are immediately separable and will be issued separately.
The offering is expected to close on February 11, subject to customary closing conditions.
The company expects total gross proceeds of the offering to be around $40.0 million, before placement agent fees and estimated offering expenses and assuming no exercise of any warrants.
Innoviz intends to use the proceeds from the offering for general business purposes.
In the offering, WestPark Capital, Inc. is acting as the sole placement agent.
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