Mobilicom Prices Direct Offering Of $2.95 Mln Of ADSs

(RTTNews) - Mobilicom Limited (MOB), a provider of cyber security and solutions for drones and robotics, said on Friday that it has inked a deal with certain institutional investors to sell 1,903,225 of its American Depositary Shares or ADSs at $1.55 per ADS.

The proceeds from the registered direct offering, to be closed on or about January 30, are expected to be at $2.95 million.

Mobilicom has also agreed privately place warrants to purchase up to 1,903,225 ADSs.

The warrants will have an exercise price of $1.55 per ADS and will be exercisable at any time upon issuance. Each ADS represents 275 shares, no par value, of Mobilicom.

Mobilicom intends to use the net proceeds for working capital and general corporate purposes.

Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the offering.