The Rehovot-based video transmission technology company raised $17.8 million at a company valuation of $33 million.
Israeli video transmission technology company Maris-Tech Ltd. (Nasdaq: MTEK) raised $17.8 million in its initial public offering (IPO) on Wall Street last week at a company valuation of $33 million. But after the share began trading and the underwriters exercised their options, the company's valuation fell to about $21 million.
Maris-Tech provides solutions for processing and transmitting video and audio. The company issued common units at a public offering price per common unit of $4.20. Each common unit consists of one ordinary share and one warrant to purchase one ordinary share, with an initial exercise price of $5.25 per share. Aegis Capital Corp. acted as the sole book-running manager for the offering.
Based in Rehovot, Maris-Tech was founded in 2008 by CEO Israel Bar and has 10 employees according to its prospectus. The company develops and markets intelligent mini-systems for monitoring and communications to protect privacy and for homeland security as well as the autonomous car industry. Maris-Tech's customers include Elbit Systems, Israel's Ministry of Defense, Rafael Advanced Defense Systems, and Israel Aerospace Industries (IAI). The company's chairman is former IAI chairman Joseph Weiss.
Published by Globes, Israel business news - en.globes.co.il - on February 6, 2022.
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