Eltek Gives Update on Rights Offering Results
December 8, 2020 | EltekEstimated reading time: 1 minute
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, has provided an update regarding the Company's recently completed rights offering.
In November 2020, we issued subscription rights to purchase up to an aggregate of 1,460,089 shares to the holders of our ordinary shares, such that each shareholder received one subscription rights for every three ordinary shares owned on the record date, with a subscription price of $3.90 per share. The subscription period ended on December 2, 2020. We received subscriptions for approximately $7.3 million, or 128% of the offering, therefore we were able to allocate only portion of the over-subscription demand. Our shareholders purchased 1,460,089 ordinary shares in this offering providing gross proceeds of $5.7 million to the Company. Our principal shareholder beneficially acquired a total of 1,203,389 ordinary shares of the Company, increasing his direct and indirect voting interest from 65.4% to 69.6%.
Eli Yaffe, CEO, commented: "We are glad that there was a strong demand and over subscription to the offering resulting in 100% of the offered shares being purchased in this offering. The proceeds from the offering will reduce our indebtedness to Nistec (our controlling shareholder) which will improve our financial position and will be used for working capital and other general corporate purposes, including possible investment in plant and equipment to allow the Company to accelerate its long-term growth plans."
Suggested Items
Punching Out: Breaking Out of the Valuation Box
05/09/2024 | Tom Kastner -- Column: Punching Out!Most companies are in a “valuation box.” That is, the value of the company, based on a market multiple, is not equal to the value of the assets. Or worse, once debt is paid off, the net proceeds would actually be negative. Here are some tips for getting out of the box.
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.
Fabrinet Announces Q3 Fiscal Year 2024 Financial Results
05/07/2024 | FabrinetFabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its third fiscal quarter ended March 29, 2024.