Israeli telecoms equipment company Actelis Networks has filed a prospectus with the US Securities and Exchange Commission (SEC) for an Initial Public Offering (IPO) on Nasdaq. The company, which was founded 24 years ago, did not disclose any details about the size and value of the offering although the amount raised is not expected to be large. Boustead Securities is serving as the underwriter for the IPO.
Actelis Networks is incorporated in the US but its founder and CEO Tuvia Bar Lev is Israeli and 27 of its 44 employees are in Israel.
The company provides high performance, scalable broadband over copper solutions to telcos, mobile and IoT networks, which are designed to allow fast, safe and efficient communications that create a hybrid network. Actelis focuses on several markets including smart transport, railways, the US federal and military market, airports, smart cities and more .According to the prospectus, the company's systems are installed in networks in Los Angeles and the US Federal Aviation Authority.
According to IVC Research, Actelis Networks has raised $137 million to date, with its most recent financing round completed in 2016.
The data in the prospectus reveals that Actelis had revenue of $8.5 million in 2021, unchanged from 2020. The company's net loss in 2021 widened to $5.3 million from $1.5 million in 2020, as expenditure grew.
Published by Globes, Israel business news - en.globes.co.il - on April 17, 2022.
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