ISELIN, N.J., Feb. 3, 2011 (GLOBE NEWSWIRE) -- On Track Innovations Ltd (OTI) (Nasdaq:OTIV) today announced that it has priced a firm commitment underwritten public offering of 5,217,392 ordinary shares at a price of $3.00 per ordinary share for aggregate gross proceeds of $15.7 million. OTI expects net proceeds, after underwriting discounts and commissions and estimated offering expenses payable by OTI, of approximately $14.7 million. OTI has also granted to the underwriters a 30-day over-allotment option to purchase up to an additional 782,608 of its ordinary shares to cover over-allotments, if any, which would result in additional net proceeds of approximately $2.3 million if exercised in full. The aggregate gross proceeds that will be raised including the over-allotments, if exercised in full, will be about $18 million (and about $16.9 million after underwriting discounts and commissions and estimated offering expenses payable by OTI). The offering is expected to close on or about February 8, 2011, subject to satisfaction of customary closing conditions. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), is acting as the sole book-running manager for the offering and Merriman Capital, Inc. and Chardan Capital Markets, LLC are acting as the co-managers for the offering.
On Track Innovations (OTI) Announces Pricing Of Public Offering Of Ordinary Shares
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