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NETANYA, Israel, Sept. 06, 2017 -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced that following recent capital raising activity with institutional investors, the conversion of loans to equity and exercise of warrants by its primary shareholder, it has increased its net cash position by $13.3 million while reducing its ongoing annual interest payments by approximately $250,000.
On August 21, RADA completed a $10 million capital raise under an existing shelf prospectus, issuing 4,604,500 shares. The investors included leading Israeli institutional investors, including Yelin-Lapidot Investment House, More Investment House, Noked Capital, and The Phoenix Insurance Company.
From August 17 until September 5, DBSI, the Company’s primary shareholder exercised warrants and converted a loan to equity. It sold a portion of the shares gained to institutional investors including Optimus Fund and others. On a net basis over the period, DBSI increased its shareholding in RADA by 1,168,782 shares to approximately 12.2 million shares, representing 35% of the Company’s equity (on a fully diluted basis).
Yossi Ben Shalom, RADA’s Chairman, commented: "Our recent activity has significantly strengthened RADA’s capital base and our efforts have brought in a number of important and long-term focused institutional investors to the company, joining DBSI. At the same time, DBSI has also increased its shareholdings of the Company. These investments from leading players in the local capital market, demonstrate a shared belief in RADA’s strategy going forward, management’s ability to realize that strategy and the potential for significant shareholder value creation in the future.”
About RADA
RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, Inertial Navigation Systems for air and land applications, and Avionics Systems and Upgrades.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
Company Contact: Gil Schwartz (VP, BD & Marketing) Tel: +972-9-892-1111 [email protected] www.rada.com Investor Relations Contact: Ehud Helft/Gavriel Frohwein GK Investor & Public Relations Tel: +1 646 688 3559 [email protected]
