Netex (Net Express) Ltd. (TASE:NTX raised NIS 5.7 million in a secondary offering of shares and warrants last week. The offering was oversubscribed by 120%, and the total amount raised could increase by a further NIS 2.5 million if the warrants issued are exercised in full.
Netex CEO Aviv Refua said, "The main purpose for raising the capital is to expand the company's activity in the US market."
The offering was held at Netex's market cap. Although the offering was oversubscribed, Netex decided not in increase the number of shares allotted or to raise more money than planned.
Last year, the company obtained a new US Patent for its Personalized Internet Interaction product, and it has since been actively expanding its US operations.
Netex's share price fell 3.7% by mid-afternoon today to NIS 10.64, giving a market cap of NIS 53 millio.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2010
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