MICRONET ENERTEC TECHNOLOGIES, INC. (NASDAQ:MICT) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
On February 19, 2017, Micronet Ltd. (the Subsidiary), a
subsidiary in which Micronet Enertec Technologies, Inc. (the
Company) has a controlling interest, filed an immediate report
with the Tel Aviv Stock Exchange (TASE) announcing its intention
to raise equity funds to a public offering to be consummated to
the Subsidiarys shelf prospectus which became effective as of
February 2014 (the Transaction). The final terms and structure of
the Transaction have not yet been determined nor approved by the
Subsidiary and the closing of the Transaction is further subject
to the receipt of certain required approvals, including the
approval of the Subsidiarys board of directors and the TASE as
well as the registration of the offered securities for trading
and the issuance of a shelf securities offer to applicable
Israeli law. The Subsidiary has further announced that there is
no certainty for the closing of the Transaction, which is subject
to market conditions.
The securities that may be sold in the Subsidiarys proposed
public have not been registered under the Securities Act of 1933,
as amended, or state securities laws, and may not be offered or
sold in the United States absent registration with the Securities
and Exchange Commission (SEC) or an applicable exemption from
such registration requirements. This Current Report on Form 8-K
does not constitute an offer to sell or a solicitation of an
offer to buy the Subsidiarys securities and shall not constitute
an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
In addition to the above, on February 19, 2017, the Subsidiary
announced that based on a preliminary review of its financial
statements for the period ended December 31, 2016, the Subsidiary
estimates its revenues for the fiscal year ended December 31,
2016 to be between $13.5 and to $14.1 million in comparison to
revenues of $14.580 million for the fiscal year ended December
31, 2015. On February 19, 2017, The subsidiary publicly announced
in Israel that it expects to incure loss for the fiscal year
ended December 31, 2016. (the 2016 Loss)
The Subsidiary has stated that the foregoing announcement
relating to the estimated revenues for the fiscal year ended
December 31, 2016 and the 2016 Loss are based solely on its
initial estimates based on prior practice and the Subsidiary is
currently in the final stages of gathering, analyzing and
auditing financial information relating to its financial
statements for the fiscal year ended December 31, 2016.
Warning Concerning Forward Looking Statements
This Current Report on Form 8-K contains forward-looking
statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and federal
securities laws. These forward-looking statements include, but
are not limited to, those statements regarding the estimated
revenues and loss of the Subsidiary for the fiscal year ended
December 31, 2016 as well as the proposed public offering of the
Subsidiarys securities. The Subsidiarys actual results may differ
from the estimates contained herein and the Subsidiary and the
Subsidiary may not be successful in conducting the proposed
public offering on acceptable terms or may not obtain the
necessary consents and approvals needed to conduct the proposed
offering. These forward-looking statements and their implications
are based on the current expectations of the management of the
Company only, and are subject to a number of factors and
uncertainties that could cause actual results to differ
materially from those described in the forward-looking
statements. The forward-looking statements contained in this
Current Report on Form 8-K are subject to risks and
uncertainties, including those discussed in the Companys reports
filed from time to time with the SEC. Except as otherwise
required by law, the Company undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
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 1.38 with 12,251 shares trading hands.