Safe-T raises NIS 8.2m in private placement

cyber security

The company has raised NIS 30 million in two rounds and options over the past month.

Israeli information transmission and safe access solutions company Safe-T Group Ltd. (TASE:SAFE), today announced that it had signed an NIS 8.2 million agreement with two private investors. The investors also took part in the company's previous financing rounds, in which one of them invested NIS 3.6 million.

The private placement was at NIS 7 per share, with an equal number of non-marketable options convertible into ordinary Safe-T shares for 18 months at a NIS 10 exercise price.

In addition, following a private allocation report, one of the investors notified the company that it was foregoing one of the suspending conditions for completion of its previous investment in the company – listing the company's shares for OTC trading in the US. Since the other suspending conditions for the investment in the company were fulfilled, the trustee in whose account the investor's money was deposited transferred the full amount of the investment to the Safe-T's bank account.

The company recently announced that 99.85% of its Series 1 options had been exercised, amounting to NIS 7.1 million. The company added that its financing round from private investors had been expanded to NIS 14.4 million.

The additional capital will enable the company to continue global marketing of its special products. In recent months, the company recruited leading customers in the financial, health, and other sectors from Israel, the US, and other countries.

Published by Globes [online], Israel Business News - www.globes-online.com - on May 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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