Proceeds expected to Drive Strategic Growth
Initiatives, Strengthen Financial Position, and Support Orgad's
Expansion
AIRPORT CITY, Israel, Dec. 31,
2024 /PRNewswire/ -- MySize Inc.
(NASDAQ: MYSZ), a leader in
technology-driven solutions for the retail market, today announced
(as previously disclosed in a Current Report on Form 8-K filed with
the SEC on December 30, 2024) that it
raised $3 million through the
exercise of certain outstanding warrants. These proceeds add to the
company's existing financial resources, enhancing its financial
position, and supporting the growth of its business.
MySize is focused on providing innovative AI and big data-driven
solutions to reduce returns and increase conversion rates for
retailers, empowering them to optimize operations and enhance
customer satisfaction. This additional capital is expected to
enable the company to accelerate advancements in its technology
offerings while also supporting Orgad's growth as a dynamic digital
merchant specializing in apparel and shoes.
The new funds are expected to support key strategic initiatives,
including:
- Expanding Orgad's Capabilities: we intend to use the
proceeds to enhance operational efficiencies, grow inventory, and
expand Orgad's reach across leading e-commerce platforms, driving
higher revenues and market share.
- Pursuing Strategic M&A Opportunities: we intend to leverage
our improved financial position to identify acquisitions that
complement our focus on AI-driven solutions for the retail
sector.
- Advancing Technology and Product Development: we intend to
accelerate R&D efforts to further develop our suite of AI and
big data solutions and deliver enhanced tools for retailers to
improve operational efficiency and customer experiences.
- Scaling Sales and Market Expansion: we expect the funds to
boost sales efforts and increase market penetration towards
supporting the achievement of the company's ambitious milestones
set for 2025.
Ronen Luzon, CEO of MySize Inc., commented:
"This $3 million injection positions
MySize to expand our impact in the retail market through innovative
AI and big data solutions. Additionally, Orgad is expected to
benefit from this funding as we scale its operations and expand its
footprint on leading e-commerce platforms. Together, these efforts
align with our strategy to drive growth towards achieving our 2025
milestones so that we can create sustainable value for
shareholders."
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) is a global leader in omnichannel
e-commerce platforms and AI-driven sizing solutions, including
MySizeID and Naiz Fit. The Company's solutions are designed to
drive revenue growth, reduce operational costs, and enhance
customer experiences for business clients worldwide.
We routinely post information that may be important to investors
in the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram, and X (formerly
known as Twitter).
For more information, visit www.mysizeid.com.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements related to its strategic and business plans,
technology, relationships, objectives, expectations for its
business, growth and use of proceeds with respect to the recent
warrant exercise. These statements are identified by the use of the
words "could," "believe," "anticipate," "intend," "estimate,"
"expect," "may," "continue," "predict," "potential," "project" and
similar expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results may differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
For more information, please contact:
Or Kles, CFO
Email: ir@mysizeid.com
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SOURCE My Size Inc.