SuperCom raises $3m
Special Situation Funds invested $2.5 million to become the company’s largest investor.
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Globes correspondent 13 Dec 05 09:42
SuperCom (Euronext: SUP; OTCBB: SPCBF), a provider of smart card and electronic identification (e-ID) solutions, today announced that it has completed a $3 million private equity financing to US institutional and private investors.
The investment round was led by micro-cap investment group Special Situation Funds, which invested $2.5 million to become the company’s largest investor. C.E. Unterberg, Towbin, LLC acted as the placement agent in the offering.
SuperCom issued 4,919,355 new shares at a price of $0.62 per share. Investors in the offering were also issued five-year warrants to purchase an additional 1,721,774 shares at an exercise price of $0.60 per share. The warrants are callable at the company's option if the shares trade at $1.20 or higher for 20 trading days after the registration statement becomes effective.
SuperCom CFO Eyal Tuchman said, “These funds will enable us to fully leverage our growing momentum, especially in the cashless micro-payment and first responder Homeland Security areas. We believe the EZVend qualification that we announced in September, our successful April deployment of the world’s first municipal first responder disaster site management system, our growing number of pilot sites and field trials and the continually rising demand for e-ID solutions all position us for strong growth in 2006.”
SuperCom offers a wide range of standard and customized smart-card-based solutions for physical and logical security, education, corrections facilities and air and seaports. It also manufactures secure and durable documents such as national identity cards, passports, visas, drivers’ licenses and vehicle registration. SuperCom is headquartered in Israel, with subsidiaries in the US and Hong Kong.
Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, December 13, 2005
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