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Neonode Announces Closing Of Public Offering Of Common Stock Including Full Exercise Of Over-Allotment Option

Neonode Inc. (NEON) today announced the closing of a previously-announced underwritten public offering of 2,490,612 shares of Neonode common stock, of which 1,168,939 shares were sold by the company and 1,321,673 shares were sold by selling stockholders affiliated with Neonode, at a price to the public of $6.60 per share. In addition, certain of the selling stockholders have sold 373,592 shares as a result of the full exercise by the underwriter of the over-allotment option, resulting in a total public offering of 2,864,204 shares. The selling stockholders were Neonode’s executive chairman Per Bystedt, chief executive officer and director Thomas Eriksson, director Mats Dahlin, director John Reardon, and chief financial officer David Brunton.

Net proceeds to the company from the offering are expected to be approximately $6.9 million. The company anticipates using its net proceeds from the offering primarily for general corporate purposes, including capital expenditures and working capital. The company will not receive any proceeds from the sale of any shares by the selling stockholders.

Craig-Hallum Capital Group acted as the sole underwriter for the offering. GP Bullhound Ltd. acted as a financial advisor to the company in connection with the offering.

About Neonode

Neonode Inc. (Nasdaq: NEON) develops and licenses Multisensing touch technologies, including features such as low latency pen or brush sensing, high speed scanning, proximity-, pressure-, and depth sensing capabilities and object-size measuring. Neonode’s patented Multisensing technology is developed for a wide range of devices such as mobile phones, tablets and e-readers, toys and gaming consoles, printers, household appliances, wearable goods and advanced automotive infotainment systems. Neonode, the Neonode logo, and Multisensing are trademarks of Neonode Inc. registered in the United States and other countries.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events, and product cost, performance, and functionality matters. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode’s actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements. These risks, uncertainties, and factors are discussed under “Risk Factors” and elsewhere in Neonode’s public filings with the U.S. Securities and Exchange Commission from time to time, including Neonode’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today’s date, and Neonode undertakes no duty to update or revise them.

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