MICRONET ENERTEC TECHNOLOGIES, INC. (NASDAQ:MICT) Files An 8-K Other Events
Item 8.01 Other Events
On February 23, 2017, Micronet Ltd. (the Subsidiary), a
subsidiary in which Micronet Enertec Technologies, Inc. (the
Company) has an equity interest, filed an immediate report with
the Tel Aviv Stock Exchange (the TASE) announcing the closing of
its previously announced underwritten public offering (the
Offering). The Subsidiary sold an aggregate of 5,468,900 its
ordinary shares in the offering. The offering price to the public
was NIS 0.1 per share and gross proceeds to the Subsidiary were
approximately $2.7 million, before deducting underwriting
discounts and commissions and other estimated offering expenses
payable by the Subsidiary. As reported by the Subsidiary in its
TASE report, the Subsidiary intends to use the net proceeds from
this offering for general corporate purposes and for general
working capital. The Company participated in the Offering and
purchased an aggregate of 140,000 shares of the Subsidiary.
As a result of the Offering, the Companys ownership interest of
the Subsidiary had been diluted from an ownership stake of 62.9%
of the issued and outstanding shares of the Subsidiary to 49.31%
of the issued and outstanding shares of the Subsidiary. In order
to maintain a controlling interest of the Subsidiary, on February
27, 2017, the Company purchased an additional 140,000 shares of
the Subsidiary in a separate transaction with a shareholder of
the Subsidiary. In addition, on February 28, 2017, Mr. David
Lucatz, the President and Chief Executive Officer of the Company,
executed an irrevocable proxy assigning his voting power over
45,000 shares of the Subsidiary for the benefit of the Company.
As a result, the Companys voting interest of the Subsidiary was
increased to 50.07% of the issued and outstanding shares of the
Subsidiary.
About MICRONET ENERTEC TECHNOLOGIES, INC. (NASDAQ:MICT)
Micronet Enertec Technologies, Inc. (Micronet Enertec) operates through Israel-based companies, which include Enertec Systems 2001 Ltd (Enertec), its subsidiary, and Micronet Ltd (Micronet), which develops, manufactures, integrates and markets rugged computers, tablets and computer-based systems and instruments for the commercial, defense and aerospace markets. The Company’s segments include defense and aerospace segment, and mobile resource management (MRM). The Company’s products, solutions and services are designed to perform in severe environments and battlefield conditions. Micronet operates in the commercial mobile resource management market and is a developer, manufacturer and provider of mobile computing platforms, designed for integration into fleet management and mobile workforce management solutions. Enertec operates in the defense and aerospace markets. Enertec designs, develops and manufactures computer based instruments and aerospace electronic solutions. MICRONET ENERTEC TECHNOLOGIES, INC. (NASDAQ:MICT) Recent Trading Information
MICRONET ENERTEC TECHNOLOGIES, INC. (NASDAQ:MICT) closed its last trading session 00.00 at 1.25 with 27,583 shares trading hands.
