SECsense Logo

Innoviz Technologies Ltd. Reports $37.3M Offering Success - Form 6-K Insights

$INVZ
Form 6-K
Filed on: 2025-02-12
Source
Innoviz Technologies Ltd. Reports $37.3M Offering Success - Form 6-K Insights

Here's the extracted key information and insights from the financial report:

Company Overview

  • Name: Innoviz Technologies Ltd.
  • Location: 5 Uri Ariav Street, Bldg. C, Nitzba 300, Rosh HaAin, Israel.
  • SEC File Number: 001-40310.

Offering Details

  • Type of Filing: Form 6-K - Report of Foreign Private Issuer.
  • Report Date: February 12, 2025.
  • Offering Date: February 10, 2025.
  • Units Offered: 28,776,978 units.
  • Price per Unit: $1.39.
  • Composition of Units: Each unit consists of one ordinary share and 0.8 warrants to purchase one ordinary share.

Financials

  • Net Proceeds from Offering: Approximately $37.3 million after deducting fees and expenses.
  • Use of Proceeds: General business purposes.

Warrant Details

  • Exercise Price: $1.69 per share.
  • Expiration Date: February 12, 2030.
  • Exercise Restrictions: Holders cannot exercise warrants if it results in owning more than 4.99% (or 9.99% at their election) of the outstanding ordinary shares.

Agreements and Restrictions

  • Lock-Up Agreement: Directors and executive officers agreed not to sell or transfer their shares for 90 days post-offering.
  • Restrictions on Further Issuances:
  • For 90 days, the company will not issue additional shares or equivalents.
  • For one year, it will not issue or sell securities convertible into ordinary shares with certain price conditions.

Placement Agent

  • Agent: WestPark Capital, Inc. acted as the sole placement agent for the offering.

Compliance and Filings

  • Registration Statement: The offering was made under a registration statement on Form F-3, previously effective as of October 11, 2022.
  • Exhibits: Legal opinions and forms related to the offering are included as exhibits.

Forward-Looking Statements

  • The report contains cautionary statements regarding future events, emphasizing the risks and uncertainties that could affect actual results.

Signature

  • Signed by: Eldar Cegla, Chief Financial Officer of Innoviz Technologies Ltd.
  • Signing Date: February 12, 2025.

Insights

  • The successful completion of the offering indicates investor confidence in Innoviz Technologies, despite potential market volatility.
  • The structured approach to limit further dilution and manage share price reflects a strategy to stabilize the company’s stock post-offering.
  • The cash raised will provide essential funding for operational needs, supporting potential growth initiatives.

This summary encapsulates the critical financial and operational aspects of the report, providing a clear view of Innoviz Technologies Ltd.'s recent activities and strategic decisions.