ParaZero Technologies Ltd. Announces Pricing of $5.1 Million Private Placement
26 Outubro 2023 - 10:25AM
ParaZero Technologies Ltd. (“ParaZero” or the “Company”), an
aerospace company focused on drone safety systems for commercial
drones and urban air mobility aircraft, today announced that it has
entered into a securities purchase agreement with certain
institutional investors for aggregate gross cash proceeds of $5.1
million, before deducting fees to the placement agent and other
offering expenses payable by the Company.
In connection with the offering, the Company will issue an
aggregate of 4,636,364 units and pre-funded units. The pre-funded
units will be sold at the same purchase price less the pre-funded
warrant exercise price of $0.005. Each unit and pre-funded unit
will consist of one ordinary share (or pre-funded warrant) and one
common warrant exercisable for one ordinary share at an exercise
price of $1.10 per ordinary share. The common warrants will be
exercisable upon issuance and will have a term of 5.5 years from
the issuance date. The number of securities issued under the units
is subject to adjustment as described in more detail in the report
on Form 6-K to be filed in connection with the offering.
The closing of the private placement is expected to occur on or
about October 30, 2023, subject to the satisfaction of certain
customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement
Agent for the Offering.
The securities described above are being sold in a private
placement exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Act"), and have not been
registered under the Act, or applicable state securities laws.
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 Act and such applicable state securities laws.
Pursuant to a registration rights agreement with the investor, the
Company has agreed to file one or more registration statements with
the Securities and Exchange Commission (the "SEC") covering the
resale of the ordinary shares sold in the offering and the ordinary
shares issuable upon exercise of the pre-funded warrants and the
warrants sold in the offering.
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 ParaZero
ParaZero Technologies Ltd. is an aerospace company that is
focused on drone safety systems and engaged in the business of
designing, developing, and providing what we believe are
best-in-class autonomous parachute safety systems for commercial
drones, also known as unmanned aerial systems (“UAS”). ParaZero was
founded by a group of aviation professionals, together with veteran
drone operators, to address the drone industry’s safety challenges.
ParaZero’s goal is to enable the drone industry to realize its
greatest potential through increasing safety and mitigating
operational risk. ParaZero’s unique, patented technology for
drones, the SafeAir system, is designed to protect hardware,
people, and payload in the event of an in-flight failure. The
SafeAir system is a smart parachute system that monitors UAS flight
in real time, identifies critical failures and autonomously
triggers a parachute in the event of an emergency.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, the Company is using
forward-looking statements when it discusses the closing of the
offering. Forward-looking statements are not historical facts, and
are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs or projections will be achieved, and actual
results may differ materially from what is expressed in, or
indicated by, the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. Forward-looking
statements speak only as of the date the statements are made. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, subsequent events or circumstances,
changes in assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with
respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. ParaZero
Technologies Ltd. is not responsible for the contents of
third-party websites.
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com
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