On Track Innovations Ltd. Raises $2.5 million
On Track Innovations Ltd., a global provider of near field communication and cashless payment solutions, has raised $2.5 million from private investors. The company entered into a share purchase agreement with Jerry L. Ivy, Jr. Descendants’ Trust and two other investors who are members of the company’s board of directors.
The agreement relates to a private placement of an aggregate of up to 12.5 million ordinary shares of the company at a purchase price of $0.20 per share, for aggregate gross proceeds to the company of up to $2.5 million.
At the initial closing, 6.5 million shares were issued for aggregate gross proceeds to the company of $1.3 million. A subsequent closing for the remainder of the amount to be invested is subject to the company obtaining approval of its shareholders to, among other things, increase the authorized share capital of the company.
In addition, the board agreed to appoint one representative to the board designated by Ivy.
“Mr. Ivy, together with two of our directors, have shown this investment as a vote of confidence in OTI,” Yehuda Holtzman, CEO of OTI, said in the press release. “We intend to use these funds to support OTI’s growth.”
For more information visit https://www.otiglobal.com/
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