Networking solutions provider Actelis Networks (Nasdaq: ASNS) closed its initial public offering on the New York Stock Exchange last week. The firm was able to raise US$16.85 million from its oversubscribed IPO.
The offering originally consisted of 3.75 million shares priced at US$4.00 per unit for a total IPO size of US$15 million. The underwriter partially exercised the over-allotment option to purchase additional 462,500 shares at the same IPO price.
The company units trade on the New York-based big board under the symbol “ASNS”. The net proceeds of the offering are intended primarily for research and development, sales and marketing, general and administrative purposes, capital investments, and working capital.
Boustead Securities acted as the sole bookrunner for the offering.
The California-based firm takes pride in its cyber-hardened, hybrid fiber-copper networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
