Pimi Agro Cleantech Inc. (Bulletin Board: PIMZ) has closed a private placement with US institutional investors. The company filed a prospectus to list for trading on the Bulletin Board in August 2009.
Registration for listing on the Bulletin Board is different from an ordinary IPO, since the Bulletin Board is designed for small-cap companies that do not meet the threshold conditions of Nasdaq or the New York Stock Exchange.
Pimi Agro this week notified the US Securities and Exchange Commission (SEC) an investment of $2.08 million at a company value of $16 million, as part of a larger $4 million financing round, which is due to be completed soon. Investors in the round were the Iowa’s TSA Trust Fund, PFFI Retirement Foundation, and Oregon Orate OSGP Fund. There was no offering to the public. The company issued 1.1 million shares to the investors at $1.90 per share. Spark Kick-Off Investments advised the company.
Pimi Agro CTO Nimrod Ben-Yehuda and Eitan Shmueli founded the company in 2004. It subsequently raised $2.1 million from Spark Capital founder Alon Carmel, who owns 35% of the company; Spark Networks founder Joe Shapira, who owns 25%; Eitan and Vivy Shmueli, who own 11.8%; JNS Capital LLC, which owns 11%, and other private investors. Carmel and Shapira are the co-founders of J-Date, and now invest in early stage high-tech companies.
Pimi Agro has developed technology for preserving harvested fruit using environmentally friendly chemicals. The company has begun sales, which it expects to grow this summer. The company has sold equipment and technology to companies in the UK, Germany, and Ukraine.
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2010
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