Elbit Imaging Ltd (EMITF)

[midastouch017]

Insightec Raises Approximately $90 Million in an Equity Round Led by Koch Disruptive Technologies

TEL AVIV, ISRAEL / ACCESSWIRE / December 28, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (EMITF.TA) (EMITF) announced today, further to its previous announcement dated December 14, 2017 regarding the signing of a Share Purchase Agreement between Insightec Ltd. ("Insightec") and Koch Disruptive Technologies (a subsidiary of Koch Industries, Inc.) ("Koch Disruptive Technologies"), that Insightec completed the initial closing of the transaction in which it raised approximately US$90 million (out of which US$75 million was invested by Koch Disruptive Technologies).
In consideration for the investment, Insightec issued to the investors new Series E Preferred Shares of Insightec that represent, immediately following their issuance, approximately 19.7% of the outstanding share capital (16.5% on a fully-diluted basis). Following the completion of the initial closing, the Company will hold approximately 25.2% (20.9% on a fully-diluted basis) of Insightec's share capital.
The transaction documents permit Insightec to increase the financing round to up to US$150 million, from Koch Disruptive Technologies and additional investors in one or more additional closings, to be held by no later than January 31, 2018.