Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise up to $50 million in a secondary offering on Nasdaq. It will offer shares, warrants, debt securities, including convertible bonds, and subscription rights, individually or in any combination of them.
Gilat's share price closed at $4.70 on Nasdaq on Tuesday, giving a market cap of $199 million. The share price fell 2.6% by mid-afternoon on the TASE today to NIS 16.07. FIMI Opportunity Funds, run by CEO Ishay Davidi, is Gilat's largest shareholder, with a 23% stake.
Gilat plans to use the proceeds of the offerings, if and when held, for working capital expenditures, acquisitions, and investments. At the end of 2013, the company had $58 million in cash and short-term investments.
Gilat posted a non-GAAP net loss of $1.1 million on $235 million revenue in 2013. In its guidance, it forecasts 2.2-4.3% revenue growth to $240-245 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014